The One-Day VIX is the latest fear gauge for markets

About a month ago, as Wall Street stared down the barrel of an incipient banking crisis, the investment world’s most-watched gauge of market volatility did a funny thing: It didn’t do much.

Sure, the Cboe Volatility Index — a measure of expected swings in the S&P 500 index also known as the VIX — climbed. But even at its intraday peak, it didn’t come close to levels seen multiple times just a year ago…