It's time to consider VIX Funds again?

The $CBOE Volatility S&P 500 Index (.VIX.US)$ hit an intraday high of 65.73 Monday; this morning it hit an intraday low of 30.57.

The ProShares Short VIX Short-Term Futures ETF ( $ProShares Short VIX Short-Term Futures ETF (SVXY.US)$ ) — which effectively bets on a return of stock-market calm — drew in $233 million as equities tumbled on Monday, the biggest influx since a tumultuous 2018 period known as Volmageddon, data compiled by Bloomberg show. Its shares tumbled over 21% during the selloff, only to bounce back 10% by Tuesday afternoon. The rival 1x Short VIX Futures ETF ( $-1x Short VIX Futures ETF (SVIX.US)$ ) tumbled 39% during the rout the most since its 2022 inception and surged 15% on Tuesday.

Those on the other side of the trade fared far better. The 2x Long VIX Futures ETF ( $2x Long VIX Futures ETF (UVIX.US)$ ), which looks to double the performance of a long-VIX index, saw record trading volume Monday as it surged 84%, the biggest gain since it was started in 2022. The ProShares Ultra VIX Short-Term Futures ETF ( $ProShares Ultra VIX Short-Term Futures ETF (UVXY.US)$ ), which jumped 58%, saw its second-highest trading volume ever.