The above graph shows the 12 month variance swap levels for global indices. Small cap and Euro zone stand out while UK and Japan are below the avg and Asia just kissing the average levels. This is hardly to meaningful, since its always best to measure each asset on its own vs realized, but we can clearly see very elevated levels globally. In fact, each of these levels are about 7-15 points above the localized average of each index, implying a 12 point possible edge on a global average.
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