The S&P 500 closed on a record high Friday afternoon, while record highs were set earlier in the week for the Nasdaq-100 and Russell 2000. Despite the S&P 500 hitting another record to end the week, this is case of playing catch up as the S&P 500 performance in 2014 of up 1.60% is about half the performance from the technology heavy Nasdaq-100 (up 3.58%) and small cap Russell 2000 (up 3.30%). The resulting performance for VXN saw a gain of about 1.5% while RVX dropped 4.41%. The drop in RVX brings it down to being more in line with the spread between RVX and VIX that the market witnessed for most of 2013.
RVX option trading continues to gain some interest. Right now the biggest open interest for March RVX options is in the RVX Mar 29 Calls with 300 contracts open and the open interest for RVX Apr 24 Calls is 200 contracts.