VIX spikes in past stock market crashes: 1987, 2008 and 2020
The essentials in 30 seconds
- The VIX did not exist on 19 October 1987, when the Dow fell 22.6% in one day.
- In 2008 the VIX closed at a record 80.74 on 21 November, 67 days after Lehman Brothers filed for bankruptcy.
- In 2020 the S&P 500 fell 34% and the VIX closed at 82.69 on 16 March, 7 days before the market low.
- In both 2008 and 2020, the VIX peaked before the index bottom, as of October 2026.
- The comparison helps decision makers in Singapore, ASEAN, and Hong Kong read fear in context.
VIX spikes in past stock market crashes follow three different shapes. This page belongs to the guide on the VIX index and compares 1987, 2008, and 2020 side by side: the size of each fall, the height of fear, and the number of days between them. All figures come from public sources and carry a date as of October 2026.
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How did VIX spikes differ across the 3 biggest recent crashes?
The 3 crashes differ in speed. October 1987 was a single violent day. The 2008 crisis was a slow burn that lasted 17 months from peak to trough for the Dow. March 2020 was a fall of 34% in about a month. A fear gauge reflects that speed, so each crash left a different mark on the VIX series.
The comparison also shows what stays constant. In 2008 and 2020 the gauge reached readings above 80 at closing, and in both cases the peak of fear arrived before the bottom of the index. The sections below give the dates, so that you can check each claim against the sources.
What happened to market fear in the 1987 stock market crash?
On 19 October 1987, known as Black Monday, the Dow Jones Industrial Average fell 508 points, or 22.6%. The S&P 500 fell 20.47% on the same day. The VIX did not exist: Cboe announced real-time reporting of the original version in January 1993, and the series was later calculated back to 1990, so 1987 has no official VIX reading.
The crash left marks on option prices. Wikipedia notes that it altered the implied volatility patterns used to price options, and American equity options began to show a volatility smile afterwards. Exchanges also adopted circuit breakers, and the NYSE today pauses trading when the S&P 500 falls 7, 13, or 20 percent.
How high did the VIX climb in the 2008 financial crisis?
Lehman Brothers filed for bankruptcy in September 2008, and the Dow fell 504.48 points, or 4.42%, on 15 September. On 29 September the Dow fell 777.68 points, or 6.98%, and the S&P 500 fell 8.8%. During the week of 6 to 10 October the Dow lost 18.2%, the worst weekly decline ever, and the S&P 500 fell more than 20%.
The VIX reached an intraday high of 89.53 on 24 October 2008 and a record close of 80.74 on 21 November. The Dow kept falling until 6 March 2009, when it reached 6,469.95, a drop of 54% from the closing high of 14,164.53 on 9 October 2007. The gauge peaked in November, more than 3 months before the index bottom.
How fast did the VIX spike in the March 2020 stock market crash?
The S&P 500 dropped 34%, from 3,386 on 19 February to 2,237 on 23 March 2020. On 9 March it fell 7.6% and the VIX reached 62.12, the highest level since 2008. On 12 March the S&P 500 fell 9.5%, the Dow lost 2,352.60 points, or 9.99%, and the VIX closed at 75.47.
On 16 March the Dow, the Nasdaq, and the S&P 500 each fell 12% to 13%, and the VIX closed at 82.69, the highest close since the index began in 1990. Trading curbs activated on 9, 12, 16, and 18 March. The VIX top came 7 days before the S&P 500 low of 23 March.
Does the VIX peak before or after a stock market crash ends?
In 2020 the VIX top close came 26 days after the S&P 500 peak and 7 days before the low. In 2008 the record close came 67 days after the Lehman filing and more than 3 months before the Dow low. In both cases, fear peaked while prices still had room to fall, and the market kept sliding as fear eased.
This pattern matters for planning. A falling VIX after a spike shows that panic has eased, and it does not prove that the index has bottomed. Readers who treat a fading spike as an all-clear risk acting early. The VIX describes stress, and the level of prices follows its own path.
What do the 3 VIX spike shapes teach about stock market crash risk?
The first shape is a one-day shock with no early warning from option prices, as on Black Monday. The second is a long credit crisis in which fear rose in steps over months, with the record close arriving 67 days after Lehman. The third is a fast external shock in which the gauge went from 62.12 to 82.69 in 5 trading days.
A level near 80 therefore appears in slow and fast crashes alike. Shape tells you more than level: the speed of the rise and the source of the shock decide how long stress lasts. Structural signals, such as leverage and transparency, explain why a shock turns into a crash and show where the weak points sit.
How can you use VIX spikes from past crashes in your planning?
Use the 3 episodes as scenarios. Ask what your plan does on a one-day fall of 20%, over a 17-month slide of 54%, and in a 33-day fall of 34%. Write the answers next to your cash needs and debt maturities. This page is general information, not investment advice.
The Λ simulator tests a soft landing, a correction, and a crash on your own case, and the EQOS Asia pricing page lists the formats for deeper work. Teams in Singapore, ASEAN, and Hong Kong use the scenarios to decide the size of their exposure before the next spike.
See also in this guide
Frequently asked questions
What was the VIX during the 1987 crash?
The VIX did not exist on 19 October 1987. Cboe announced the original version in January 1993, and the series was later calculated back to 1990. On Black Monday the Dow fell 22.6% and the S&P 500 fell 20.47%, and no official fear reading exists for that day.
How high did the VIX go in 2008?
The VIX reached an intraday high of 89.53 on 24 October 2008 and a record close of 80.74 on 21 November 2008. That peak came 67 days after Lehman Brothers filed for bankruptcy and more than 3 months before the Dow reached its low on 6 March 2009.
What was the highest VIX close in the 2020 crash?
The VIX closed at 82.69 on 16 March 2020, the highest close since the index began in 1990. It had closed at 75.47 on 12 March and reached 62.12 on 9 March. The S&P 500 reached its low a week later, on 23 March, after a fall of 34%.
Does the VIX peak at the bottom of a crash?
In 2008 and 2020 the VIX peaked before the index bottom, by more than 3 months in 2008 and by 7 days in 2020. A fading spike shows that panic is easing, and prices can keep falling, so the VIX works best next to slower structural signals.
Test your knowledge
1. How far did the Dow fall on 19 October 1987?
- 5.5%
- 22.6%
- 54%
Show the answer
22.6%.
2. What was the record VIX close of 2008?
- 80.74
- 37.32
- 15.00
Show the answer
80.74.
3. On which date did the VIX close at 82.69?
- 12 March 2020
- 9 March 2020
- 16 March 2020
Show the answer
16 March 2020.
4. Why does 1987 have no official VIX reading?
- Cboe closed the market
- The original VIX was announced in 1993
- The Dow was not tracked
Show the answer
The original VIX was announced in 1993.
5. What did the VIX do relative to the index bottom in 2008 and 2020?
- It peaked before the bottom
- It peaked after the bottom
- It stayed flat
Show the answer
It peaked before the bottom.
About the author
Stéphane Jambu
President, EQOS Forecast Asia
Stéphane Jambu leads EQOS Forecast Asia and works as a consultant in e-commerce, search visibility, and AI. LinkedIn profile
Sources: EQOS Asia VIX guide (eqos-asia.com/stock-market-crash/vix-index-and-stock-market-crash.html), EQOS Asia simulator (eqos-asia.com/simulator.html) and pricing page (eqos-asia.com/pricing.html), stock market crash of 1987 (federalreservehistory.org/essays/stock-market-crash-of-1987), Black Monday 1987 (en.wikipedia.org/wiki/Black_Monday_(1987)), stock market crash of 2008 (en.wikipedia.org/wiki/Stock_market_crash_of_2008), 2020 stock market crash (en.wikipedia.org/wiki/2020_stock_market_crash), VIX (en.wikipedia.org/wiki/VIX), list of stock market crashes (en.wikipedia.org/wiki/List_of_stock_market_crashes_and_bear_markets), consulted on 22 October 2026. Page updated on 22 October 2026.