Implied correlation index KCJ

KCJ is the S&P500 implied correlation index, you can see it at yahoo finance, KCJ link.

It's pretty interesting as like the VIX, it has a negative correlation to the S&P500 index. What makes it cool is that as a correlation, it's implicitly bounded. It could definitely offer an edge for directional forecasts of both underlying markets and volatilities.

So much for words, look at the chart!