Alexander, Carol; Korovilas, Dimitris - Henley Business School, University of Reading - 2012
A comprehensive description of the trading and statistical characteristics of VIX futures and their exchange … diversification into VIX futures is ex-ante optimal for standard mean-variance investors, then extend this to include (a) skewness …, except during an extreme crisis period or when the investor has personal access to accurate forecasts of VIX futures returns. …