Traders appear to be getting increasingly concerned about the bank stocks.
Bank shares' implied volatility, which measures the magnitude of moves expected in the weeks ahead, has risen precipitously in the month of February.
"There's a great deal of nervousness out there," Dennis Davitt of Harvest Volatility Advisors said in a Tuesday "Trading Nation" segment.
While options prices have also been rising for the market as a whole, the increasing concern around the banks has been notable. As the below chart from Rareview Macro strategist Neil Azous shows, the implied volatility of Bank of America shares has risen precipitously compared to the implied volatility of the S&P 500 (as commonly measured with the VIX).
Here is the same chart again, but with the two lines combined into a single ratio: