Tracking the evolution of key Greeks across nine major indices shows how directional and volatility risk built through the first quarter of 2026 before moderating, while remaining heavily concentrated in a handful of benchmark exposures.
In previous Greeks articles we have focused on the current Greeks exposures for a set of underlyings and the significance of those levels. In this article and the charts shown the emphasis is on the change over time of a set of key Greeks and major indices . The main point from the charts is that, while the portfolio is linked to a broad set of indices, the risk is not evenly spread The charts show the evolution of Delta, Position Delta and Vega over a six-month period. The indices examined