The VIX is currently below 12, a level it hasn't stayed below for long since the bull market began.
"As I have been advocating for higher volatility I am starting to feel like the boy who cried wolf. Nonetheless, VIX will go higher short term friends that I have strong conviction on," Seaport Global's Roberto Friedlander wrote in a note to clients Thursday.
Friedlander said when the VIX fell 5 percent on back-to-back days such as the previous two days, it rallied 44 percent or more in the following month during the last three historical instances.
Using hedge fund analytics tool Kensho, we screened for the best-performing ETFs during periods where the VIX rose three points in five trading days during the last decade. A three-point rally would put the VIX near its 15.5 historical five-year average.
Here is what we found.