THE DIZZYING 100-POINT-plus swings in the Dow Jones industrial average over the past few months have been enough to send most investors reaching for the Dramamine. But a few money managers are diving into the choppy markets headlong. Using a slew of complicated options and futures strategies, their goal is to trade the volatility itself. A few years ago volatility traders were niche players at big banks. Now they're moving to established hedge funds or setting up their own so-called vol funds. The pitch to prospective investors: Volatility should be considered an asset class in itself, like stocks, bonds, or commodities.
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