The market turmoil in late May and early June notwithstanding, it is fair to say most U.S. stock index futures and options traders have noticed a decline in volatility over the past few years, resulting in fewer and less–profitable trade opportunities.

Chicago–based brokerage Striker Securities recently published a report comparing the monthly volatility of different stock indices to their trendiness and potential returns. The study, which analyzed the S&P 500 (SPX), S&P 400 (MID), Russell 2000 (RUT), and Nasdaq 100 (NDX), showed that all four of these indices have experienced large decreases in both volatility and trendiness over the past four years.