Barclays said the S & P 500 implied volatility for the upcoming US election is 1.8 per cent, a level of risk that has been fully priced in by the market. Derivatives strategists such as Stefano Pascale said the VIX traded at about twice the S & P 500's actual volatility in a month, reflecting election-related price volatility. The VIX's ratio to the S & P 500's actual volatility is high compared with previous elections and is unlikely to rise further.