Investors are no longer paying so much to insulate themselves from the kinds of tremors they have witnessed over the past month, with market gauges showing some of the extreme trepidation has passed.

Traders in US stock and derivatives markets have been closely watching the price of futures on the Cboe’s Vix index, often referred to as Wall Street’s fear gauge. Last month, on the cusp of Russia’s invasion of Ukraine, the price of March Vix futures rose above the value of those that expire between April and November, a sign many investors had hedged against an immediate drop in the market.

That move, a so-called inversion of the Vix futures curve, also indicated that investors expected volatility in March to be far higher than further out in the future. It is a relatively unusual development given investors generally have less clarity of what will happen many months from now and as a result pay up to hedge for that future risk.