CME Group’s Volatility Indexes (CVOL) have emerged as a handy tool for gauging volatility across different markets and asset classes, such as energy, agriculture, foreign exchange and treasuries. The COVID-19 pandemic, soaring inflation and the Federal Reserve’s efforts to contain it, Russia’s invasion of Ukraine and other factors have the U.S. stock market on track for one of its most volatile years ever. But volatility in one market is not necessarily comparable, or useful for quick day-to-day trading decisions, to volatility in another.