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Here's how to profit from the spike in volatility

A trader works on the floor of the New York Stock Exchange (NYSE).
Lucas Jackson | Reuters

After a quiet summer, volatility is back as oil prices fall and investors weigh the prospect of an interest rate hike in the near term.

Consider Friday's sell-off, which was followed by a large rebound Monday, and a drastic drop Tuesday. Over the past week, the CBOE Volatility Index, a gauge of investors' fear, is now up nearly 50 percent.

So how should you play this trend, if history is any guide?

With data from Kensho, a quantitative tool used by hedge funds to analyze historical trends, CNBC PRO searched for the best trades when the VIX spikes.