Generally, the higher the VIX, the more expensive the options. These puts become more desirable (and expensive) as the likelihood increases that the S&P 500 will fall in value. If the S&P 500 falls below the sell price of their puts, they earn a profit. Historically, the normal levels of VIX are in the low 20s, meaning the S&P 500 will differ from its average growth rate by no more than 20% most of the time. The VIX, however, has been lower over the last 10 years.

Source: Daily Sun January 07, 2021 15:00 UTC