Cboe Global Markets

Variance Calculator

CFE’s Variance Calculator is an educational tool intended to assist individuals in learning how S&P 500 Variance Futures work. It is not intended to provide investment advice, and users of the Variance Calculator should not make investment decisions based upon values generated by it. Your use of the Variance Calculator is subject to the Terms and Conditions of Cboe's Websites.

Variance Futures trade with price expressed in Volatility Points and size in multiples of 1,000 Vega. Prior to clearing, the trade price and size are converted into Variance units. This calculator is provided as a tool to compute Futures Cleared Price and Size, and to determine VA and VAO contracts to trade in order to exit an existing position.


Use this section to compute the Futures Cleared Price and Size in Variance units using as-executed trade size in absolute Vega and trade price in Volatility Points as inputs.

Use this section to generate instructions for VA contracts and Stub Futures (VAO) to be executed to completely exit a position using Futures Quantity in Variance units and trade price in Volatility Points as inputs.

Contracts Required to Exit: