本报告为摩根大通全球市场策略团队发布的《全球指数波动率图表集》，数据截至2026年9月18日，系统梳理全球主要股指的波动率指标。覆盖标的包括标普500、纳斯达克100、罗素2000、欧洲SX5E、英国富时100、德国DAX、瑞士SMI、西班牙IBEX、日经225、恒生指数与国企指数、韩国KOSPI2、澳洲AS51、印度NIFTY及台湾加权指数。指标涵盖各期限（1M/3M/6M/1Y）隐含波动率、25Delta偏斜、方差互换、远期波动率与远期方差、期限结构、方差凸性、跨指数波动率与方差价差、隐含与已实现相关性、个股与指数波动率价差，并以近5年分位数对当前值及周度变化进行排序。数据显示KOSPI2波动率处于极高位（1M隐含波动率40.7，近5年88.6%分位），日经225为25.1；
This chartbook from J.P. Morgan's Global Markets Strategy team, with data as of September 18, 2026, compiles volatility metrics across major global equity indices including SPX, NDX, RTY, SX5E, UKX, DAX, SMI, IBEX, NKY, HSI, HSCEI, KOSPI2, AS51, NIFTY and TWSE. For each index it presents implied volatility, 25-delta skew, variance swap, forward volatility and forward variance, term structure spreads, variance convexity, cross-index volatility and variance spreads, implied versus realized correlation, and stock versus index volatility spread across 1M, 3M, 6M and 1Y tenures, ranking current levels and weekly changes on a five-year percentile basis. Current readings show KOSPI2 at the rich end (1M implied volatility 40.7, 88.6th percentile) and NKY at 25.1, while HSCEI, HSI and RTY screen cheap (1M implied volatility of 17.9, 16.8 and 15.9, below the 5th percentile). The report also details 1M call and put spreads, bearish collars and the corresponding option strikes and premiums.