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Vols have crashed but just how low is realized volatility?
As GS points out:
"...SPX 21% 10-day realized vol is 87th percentile vs the last ten years".
Do note that close to close realized vol has been several points lower than if measured during earlier times during the day from Nov to date. GS concludes, "we would expect a near-term decline in realized volatility to be accompanied by rising volatility risk premium."
Obviously it matters when you hedge, so if nothing, always a good excursive, run a long gamma and a short gamma book versus yourself in order to "feel" the hedging.