Low-volatility years like this one have historically had fewer S&P 500 drawdowns

At 15.85 the VIX sits at its 38th percentile of 9,257 daily closes since 1990 — and at its 43rd percentile of the 5,800 closes since the index was rebuilt on its current methodology in September 2003.2 Tested four ways and across eight thresholds, the level carries no reliable information about the next year’s return.