While the stock-market rout is accelerating around the world, measures of risk indicate the US is leading the way.

The surge in the Cboe Volatility Index last week took the gauge of expectations for US equity moves to its highest level since the early Covid days of 2020 relative to similar measures from India, South Korea and Australia. The VIX reached the highest level this year relative to Europe’s VStoxx Index and the HSCEI Volatility Index of the biggest Chinese companies traded in Hong Kong.