The Cboe Volatility Index rose to its highest level since August, as US President Donald Trump’s tariffs roiled global equity markets.

The ‘fear gauge,’ based on trading in options on the S&P 500, climbed 8.5 points to 30.02, as the US benchmark stock index slid 4.8%.

Traders said options trading has been orderly, and in line with expectations given the drop in the equity market. The gain Thursday pales in comparison to the Aug. 5 spike sparked by unwinds in the yen carry trade, which was the biggest gain in the VIX over the past year.

“Implied volatility is higher, but it is the right amount higher that you would expect given the spot move,” said Benn Eifert, managing partner and co-CIO at the hedge fund QVR Advisors.

There has is yet to be an “outsized move” that would suggest “exorbitant panic,” he said.