2011: 87.96× · 2015: 29.23× · 2018: 9.38× · 2022: 4.81×
Scroll or drag to move the time axis · hold shift for the value axis · drag either slider
Bottoms are dated from price, not from the risk metric — the two disagree on purpose. A bottom is only identifiable afterwards, so this chart could not have been drawn at the time. Every chart here assumes cycles continue in roughly the shape they have so far. Nothing in the data can tell you when that stops being true.
2011: 87.96× · 2015: 29.23× · 2018: 9.38× · 2022: 4.81×
Every value plotted for a past date could have been computed on that date. Normalised series expand their window rather than scaling against the full history, so nothing here is drawn using information that did not exist yet — which is also why the early years of a normalised series are dropped rather than shown against a range of one.