"Low volatility may eventually prove to be a trap for markets, when the tide turns, suddenly revealing the pressure cooker it led investors into," Filia said.
"Low volatility sows the seeds of its own demise, as it leads to complacency, excess risk-taking, excess leverage and a vast correlation across investment strategies: in the words of Hyman Minsky, stability is destabilizing."
Daniel Lacalle, chief economist at Tressis, told CNBC Wednesday that "even the mildest change on volatility as seen this week can cause abrupt moves in markets."
The VIX, which shows the market's expectation of 30-day volatility, hit a five-month high Tuesday while U.S. stocks saw back-to-back declines — which have been uncommon lately. At the same time, bond markets have seen yields rising close to the 3 percent level, adding to concerns of a potential market correction.