--- title: "How are India VIX and Nifty related | RupeeCase" description: "India VIX and the Nifty tend to move in opposite directions on the same day, so a fall in the index usually comes with a rise in VIX." source_url: "https://www.rupeecase.com/learn/questions/india-vix-and-nifty" --- India VIX sits above the Nifty's twenty day realised volatility on most sessions, and the two move together India VIX and the Nifty's twenty day realised volatility, in percent a year, from 1 Jul 2025 to 15 Sep 2026. Each point is one session. Realised volatility is computed by RupeeCase from the NSE closes. Source: NSE end of day data, computed by RupeeCase. As of 15 Sep 2026. In the daily data in this file, the change in India VIX and the change in the Nifty close were strongly negatively related. On most sessions when the index fell, VIX rose, and when the index rallied, VIX eased. That is the relation traders watch on a screen, but it describes one file, not a law. The levels tell a different part of the story. The chart compares India VIX with the Nifty's twenty day realised volatility, the volatility the index actually delivered over the previous twenty sessions. The two rise and fall together, and the correlation of the levels is strongly positive, so implied and realised volatility follow one another. VIX usually sits above realised volatility. Over this file, VIX was above the twenty day realised figure on most sessions. The gap is roughly what option sellers are paid, and it is what they lose when a move arrives faster than the price allowed for. The variance risk premium proper compares VIX with the volatility that follows it, so this chart is only a stand in, and the gap is not a fixed amount. The relation is a description of the past. It does not say that the Nifty will fall on a given day because VIX has risen, and it does not say that a high VIX will be followed by a fall. The [high VIX page](/learn/questions/high-india-vix-meaning) shows the sessions that break the simple reading. The series ends on 15 Sep 2026. **Before you trade.** Derivatives trading carries a high risk of loss. SEBI's study "Profitability of Individual Traders in the Equity Derivatives Segment (FY25 to FY26)" (August 2026) found that 87.7% of individual traders in equity F&O made net losses in FY26, with aggregate net losses of Rs 91,685 crore. [Read the SEBI study](https://www.sebi.gov.in/reports-and-statistics/research/aug-2026/study-profitability-of-individual-traders-in-the-equity-derivatives-segment-fy25-fy26-_103835.html) How are India VIX and Nifty related?India VIX and the Nifty tend to move in opposite directions on the same day, so a fall in the index usually comes with a rise in VIX. Over the longer run, VIX sits above the Nifty's recent realised volatility on most sessions, a gap that is a rough, backward looking stand in for the variance risk premium. LGo deeper ## Where Learn teaches this. [Go deeperIndia VIX for beginners: what it measures and what it does not8 min, Beginner](/learn/path-16/module-16-2-india-vix-explained)[Go deeperMeasuring realised volatility: four estimators9 min, Intermediate](/learn/path-16/module-16-5-realised-volatility-estimators) SSources ## Go to the source. 3 sources, NISM the most cited The publisher of each source listed below. Source: Module undefined source list. 1. [NSE, India VIX index page and methodology](https://www.nseindia.com/products-services/indices-indiavix-index) NSE 2. [NISM, Series VIII equity derivatives test objectives (the syllabus names the Greeks, open interest, volume and the put call ratio)](https://www.nism.ac.in/revamp-nism/test-objectives-revised-nism-series-viii-equity-derivatives-certification-examination/) NISM 3. [SEBI investor education, Understanding derivatives](https://investor.sebi.gov.in/understanding_derivatives.html) SEBI ?Questions people ask ## Related questions. [QuestionWhat is India VIX?Beginner](/learn/questions/what-is-india-vix)[QuestionWhat does a high India VIX mean, and is VIX above 20 dangerous?Beginner, trap check](/learn/questions/high-india-vix-meaning)[QuestionIs option selling paid for taking risk (the variance risk premium)?Advanced](/learn/questions/variance-risk-premium)[QuestionHistorical, implied and realised volatility: what is the difference?Intermediate](/learn/questions/historical-implied-realised-volatility)[QuestionWhat is a variance swap?Expert](/learn/questions/what-is-a-variance-swap) [All 130 questions](/learn/questions/) Explore next ## Go deeper on this question. * [QuestionHow is India VIX calculated?A short answer with a dated chart](/learn/questions/how-india-vix-is-calculated) * [ToolOption payoff builderLegs on a dated Nifty chain, breakevens and charges](/learn/tools/payoff-builder) * [GlossaryInvesting glossary, 230 termsPlain word definitions, and the app’s own](/learn/glossary) Community ## Join my WhatsApp group. 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