Introducing the Vol Dash by TCM, a weekly update on markets and positioning through the lens of TCM’s Volatility Dashboard.

Vol Dash User Guide

Vol Dash for week ended 4/17/26

Extending its blistering rally from the March lows, the S&P 500 hit new all-time highs last week while withering demand for hedges saw the VIX index back under 20 and the VIX futures curve returning to its normal upward slope.

Now up nearly 13% from the March lows after three consecutive weeks of gains, it is reasonable to expect a stock market consolidation in the near term. As always, the VIX reaction to this scenario will serve as our main guidepost to any further exposure changes.

*TCM Volatility Dashboard Signals 1/2/24 - 4/17/26. Source: TCM. Click for larger image*

Exposure Update for week ended 4/17/26

As the VIX curve normalized, Tactical Beta and Tactical Q portfolios dropped their remaining VIX exposure last while index exposure rose toward 100% with room to increase further on a market correction that does not meaningfully change Dashboard signals.

As a reminder, the ability to be fully exposed to rising markets is perhaps the main feature distinguishing these strategies in the hedged equity category, allowing for greater up-capture than approaches that remain hedged at all times, even in sharply rising markets.