While the epic sell-off in equity indices has continued apace, volatility has been relatively stable, staying away from the highs it hit in October last year, but analysts say volatility is likely to rise again.

The US Vix Index, which measures the implied volatility in the S&P 500 Index, was trading at 47.8% at close of trading on March 5, down from 52.7% on March 2. The index hit a historic high of 80.9% on November 20, when an unexpected sell-off rocked the wider market. That trend has raised casual observers' eyebrows, as the indices hit new lows.