/markets · The dictionary of indices

The market, decoded.

Eight indices. Eight plain-English explainers. Eight Real Cost callouts that show what each one actually costs when you misread it. Plus the ETFs that track each one, named with their tickers and expense ratios, so you can recognize the vocabulary. We are not picking funds. We are showing you what these tickers are.

8 indices trackedLive · 60s refresh · Quotes may be delayed up to 15 minReviewed by Joseph Citizen, Founder

Context · Jun 15US and Iran reached a preliminary ceasefire agreement to reopen the Strait of Hormuz. Equities rallied, the S&P 500 closed at a record. Gold and silver continued multi-month rallies. Bitcoin rebounded after a sharp drawdown from its October 2025 high. The numbers below capture today's close.

Read this first · Education only, not advice

This page names specific ETFs as vocabulary. It is not a list of recommendations.

ClearMoneySchool does not provide individualized investment, tax, or legal advice. The ETFs listed on each card are named so you recognize the tickers when you see them in news, brokerage screens, or research. We do not tell you which to buy, hold, or sell. We do not get paid by any fund company. Expense ratios are shown so you can see the mechanical cost of each option; the figures are educational, not a fund pick. For decisions about your own money, talk to a fiduciary financial planner.

The eight, explained.

8 INDICES · LIVE · 60s refresh · As of 10:13 PM ET

S&P 500 · index

The market. Or close to it.

500 largest US companies, weighted by market cap

7489.72+0.70%

Live · 10:13 PM ET

12-month price · record high today

Jun '25 to Jun '26

What it is

An index of the 500 largest US public companies, weighted by market capitalization. Apple, Microsoft, Nvidia, and the other megacaps drive most of the daily movement because their market caps are largest. When people say the market was up 1% today, they almost always mean the S&P 500.

What moves it

Corporate earnings, Fed policy, the 10-year Treasury yield, and major economic releases (CPI, jobs report, GDP). About 30% of the index is in the top 10 stocks, so megacap tech results move the whole index disproportionately.

The Real Cost

$10,000 not invested in the S&P 500 in 1995 missed roughly $170,000 in growth at the index's historical 10% annualized return through today. The cash version: $10,000 in a 1% savings account over the same period grew to about $13,500. The gap between investing and not is the cost of staying in cash for 30 years.

S&P 500 historical 10% annualized return: Aswath Damodaran (NYU Stern), Historical Returns on Stocks, Bonds and Bills, 1928 to 2025. Primary source · Accessed 2026-06-19 · dataset updated 2026-01-05

ETFs that track the S&P 500Listed as vocabulary, not recommendations

VOO0.03%IVV0.03%SPY0.09%

Fund details, sources, and review

VOO

Vanguard S&P 500 ETF

Vanguard · large issuer

0.03%

Expense ratio

$30/yr per $100K

IVV

iShares Core S&P 500 ETF

BlackRock

0.03%

Expense ratio

$30/yr per $100K

SPY

SPDR S&P 500 ETF Trust

State Street

0.09%

Expense ratio

$90/yr per $100K

Education, not advice. ETFs above track the same index but have different costs and structures. Expense ratio differences compound over decades. We do not tell you which to choose.

Glossary: S&P 500 →

Reviewed by Joseph Citizen · June 15, 2026

NASDAQ 100 · index

Big tech, concentrated.

100 biggest non-financial Nasdaq stocks, market-cap weighted

28,274+0.60%

Live · 10:13 PM ET

12-month price · best day since March

Jun '25 to Jun '26 · approx via QQQ

What it is

The 100 largest non-financial companies listed on the Nasdaq exchange. In practice, that means Apple, Microsoft, Nvidia, Amazon, Meta, Alphabet, and Tesla drive most of the movement. The Nasdaq 100 is what people mean when they say tech.

What moves it

Big-tech earnings (especially the Magnificent 7), interest rates (tech stocks are more rate-sensitive than the broader market), and AI-related news. The top 7 stocks account for roughly half the index's market cap.

The Real Cost

$10,000 in the Nasdaq 100 fifteen years ago was worth about $150,000, a roughly 19.6% annualized total return. The same $10,000 in the S&P 500 grew to about $71,000 over the same window. The gap is real outperformance, and it came with real pain, including a drop of about a third in 2022.

Nasdaq 100 fifteen-year annualized total return: Invesco QQQ fact sheet. S&P 500 comparison leg: Aswath Damodaran (NYU Stern), Historical Returns dataset, 2011 to 2025. Primary source · Accessed 2026-06-19

ETFs that track the Nasdaq 100Listed as vocabulary, not recommendations

QQQ0.20%QQQM0.15%

Fund details, sources, and review

QQQ

Invesco QQQ Trust

Invesco · largest by volume

0.20%

Expense ratio

$200/yr per $100K

QQQM

Invesco Nasdaq 100 ETF

Invesco · same holdings, cheaper

0.15%

Expense ratio

$150/yr per $100K

Education, not advice. QQQ and QQQM track the same index from the same issuer. Identical holdings, different fee. The cost difference is mechanical, not a fund pick.

Glossary: Nasdaq 100

Reviewed by Joseph Citizen · June 15, 2026

DOW JONES · index

The headline but flawed index.

30 large US companies, price-weighted not market-cap weighted

52,485+0.53%

Live · 10:13 PM ET

12-month price · record high today

Jun '25 to Jun '26

What it is

30 large US companies, hand-picked by a committee at S&P Dow Jones. Founded in 1896, it is the oldest major US index and the most-quoted in mainstream news. Structurally less rigorous than the S&P 500 because it picks only 30 stocks and weights them by share price rather than market cap.

What moves it

Whichever of the 30 components has the highest share price moves the index most, regardless of company size. A $500 stock moves the Dow more than a $50 stock even if the $50 company is 10x larger. UnitedHealth has more Dow influence than Apple.

The Real Cost

The Real Cost of treating the Dow as the market: Apple's actual influence on the Dow is smaller than UnitedHealth's, even though Apple's market cap is roughly 10x larger. For accurate broad-market exposure, the S&P 500 is the better reference. The Dow is famous, not representative.

ETFs that track the DowListed as vocabulary, not recommendations

DIA0.16%

Fund details, sources, and review

DIA

SPDR Dow Jones Industrial Average ETF

State Street

0.16%

Expense ratio

$160/yr per $100K

Education, not advice. DIA is the most-traded Dow ETF. We list it so you recognize the ticker, not as a recommendation to own it.

Glossary: Dow Jones

Reviewed by Joseph Citizen · June 15, 2026

RUSSELL 2000 · index

The small-caps. Underrated.

2,000 small-cap US companies by market cap

2931.34-0.50%

Live · 10:13 PM ET

12-month price

Jun '25 to Jun '26

What it is

2,000 of the smallest US public companies, market-cap weighted. Components range from roughly $300M to $5B in market cap. Excludes both the megacaps (S&P 500) and the very smallest, illiquid microcaps. The Russell 2000 is the standard reference for US small-cap equity exposure.

What moves it

Domestic economic conditions (small-caps earn most revenue inside the US), credit conditions (small companies depend more on bank lending), and risk appetite. Russell 2000 typically falls harder than the S&P 500 in recessions and rallies harder in early recoveries.

The Real Cost

Over very long windows, small caps have beaten large caps, but the ride is rougher: deeper drawdowns and longer stretches where they trail badly. The Real Cost lens cuts both ways. The small-cap premium is real over multi-decade horizons, but capturing it means holding through years where small caps lag the S&P 500. Volatility and patience are the price of the premium.

ETFs that track the Russell 2000Listed as vocabulary, not recommendations

IWM0.19%VTWO0.10%

Fund details, sources, and review

IWM

iShares Russell 2000 ETF

BlackRock · most-traded

0.19%

Expense ratio

$190/yr per $100K

VTWO

Vanguard Russell 2000 ETF

Vanguard · same index, cheaper

0.10%

Expense ratio

$100/yr per $100K

Education, not advice. IWM is the most-traded by far. VTWO is cheaper by 9 basis points and tracks the same index. We name both so you recognize the tickers.

Glossary: Russell 2000 →

Reviewed by Joseph Citizen · June 15, 2026

VIX · volatility index

The fear gauge. Not investable.

Expected 30-day S&P 500 volatility from options prices

15.99-6.44%

Live · 10:13 PM ET

12-month · spiked to ~35 during Iran conflict

Jun '25 to Jun '26

What it is

The VIX measures expected volatility of the S&P 500 over the next 30 days, derived from S&P 500 options prices. A VIX of 15 means options are pricing in roughly 15% annualized volatility. The fear gauge nickname comes from the fact that VIX spikes when investors buy protection.

What moves it

Demand for S&P 500 put options (insurance against drops). Spikes during market stress: March 2020 hit 82, the Iran conflict cycle pushed it above 35 earlier this year. Drifts low and quiet in calm bull markets. The VIX is a derivative of options pricing, not an independent variable.

The Real Cost

The VIX itself is not investable. You can buy VIX futures or VIX ETPs, but they decay in normal market conditions because the VIX futures curve is usually in contango. Long-VIX ETPs lose money even when the VIX index is flat. UVXY, the most popular long-VIX product, has lost nearly all of its value since inception through repeated reverse splits, even though the VIX itself has not. The VIX is a signal to read, not a position to hold.

VIX-related products · pay close attentionThese are NOT the VIX itself

VIXY0.85%UVXY0.95%

Fund details, sources, and review

VIXY

ProShares VIX Short-Term Futures ETF

ProShares · futures-based

0.85%

Expense ratio

$850/yr + decay

UVXY

ProShares Ultra VIX Short-Term Futures

ProShares · 1.5x leveraged

0.95%

Expense ratio

$950/yr + heavy decay

Education, not advice. VIX products are mathematically designed to lose value over time when held long-term. We list them because they exist in brokerage screens and you should recognize what they are before clicking.

Glossary: VIXGlossary: Contango

Reviewed by Joseph Citizen · June 15, 2026

GOLD · commodity

The insurance, not the growth.

Spot gold price per troy ounce, USD

$4098.60-1.49%

Live · 10:13 PM ET

12-month · all-time high $5,602 in Jan 2026

Jun '25 to Jun '26

What it is

The spot price of one troy ounce of gold, in US dollars. Gold has been a store of value for roughly 5,000 years. It is not productive (it pays no dividend, no interest, no rent), but it has historically held purchasing power through inflation, currency crises, and geopolitical shocks.

What moves it

Real interest rates (gold competes with bonds), the US dollar (inverse correlation), central-bank purchases, and geopolitical stress. Gold rallied hard during the 2008 financial crisis, the 2020 pandemic, the 2022 to 2026 inflation cycle, and the current Iran conflict cycle. It set a record above $5,600 in January 2026.

The Real Cost

$10,000 in gold in 2000 (when gold was about $280/oz) grew to roughly $150,000 by year-end 2025. The same $10,000 in the S&P 500 with dividends reinvested grew to about $74,000 over the same period. The Real Cost lens shifts year by year. Right now gold has outperformed because of the Iran cycle and central-bank buying. Over very long windows, equities still tend to compound faster. Gold's job is insurance; equities' job is growth.

Gold and S&P 500 returns since 2000, through year-end 2025: Aswath Damodaran (NYU Stern), Historical Returns dataset. Primary source · Accessed 2026-06-19 · dataset updated 2026-01-05

ETFs that hold physical goldListed as vocabulary, not recommendations

GLD0.40%IAU0.25%GLDM0.10%

Fund details, sources, and review

GLD

SPDR Gold Shares

State Street · most liquid

0.40%

Expense ratio

$400/yr per $100K

IAU

iShares Gold Trust

BlackRock

0.25%

Expense ratio

$250/yr per $100K

GLDM

SPDR Gold MiniShares

State Street · cheapest of the three

0.10%

Expense ratio

$100/yr per $100K

Education, not advice. All three hold physical gold. GLD is the most liquid; GLDM is the cheapest. We name them so you can compare, not as a recommendation.

Glossary: Gold →

Reviewed by Joseph Citizen · June 15, 2026

SILVER · commodity

Half industrial, half investment.

Spot silver price per troy ounce, USD

$57.77-2.10%

Live · 10:13 PM ET

12-month · doubled on industrial demand

Jun '25 to Jun '26 · roughly $33 to $70

What it is

The spot price of one troy ounce of silver, in US dollars. Silver is both a precious metal (like gold) and an industrial metal (unlike gold). Roughly 70% of annual silver demand comes from industrial uses: electronics, solar panels, EVs, medical applications. The other 30% is investment and jewelry.

What moves it

Industrial demand cycles (especially solar panel manufacturing), gold price (silver typically follows but with more volatility), and investment flows. Silver is roughly 2 to 3x more volatile than gold on a percentage basis, and 2026 has been a major up-cycle on industrial demand recovery.

The Real Cost

Silver is far more volatile than gold, and it is as much an industrial metal as a monetary one. The price has made violent round-trips: about $5 an ounce in 2000, near $49 in 2011, years in the wilderness after that, then a sharp run through 2025 and 2026 on industrial demand. The Real Cost lens here is volatility and timing, not a buy-and-hold number. If the thesis is an inflation hedge, gold tracks closer; if the thesis is industrial growth, silver moves with it, with all the swings that implies.

ETFs that hold physical silverListed as vocabulary, not recommendations

SLV0.50%SIVR0.30%

Fund details, sources, and review

SLV

iShares Silver Trust

BlackRock · most liquid

0.50%

Expense ratio

$500/yr per $100K

SIVR

abrdn Physical Silver Shares ETF

abrdn · cheaper alternative

0.30%

Expense ratio

$300/yr per $100K

Education, not advice. SLV is more liquid; SIVR is cheaper. Both hold physical silver. We name them so you recognize the tickers in brokerage screens.

Glossary: Silver

Reviewed by Joseph Citizen · June 15, 2026

BITCOIN · cryptocurrency

The most volatile major asset.

Largest cryptocurrency by market capitalization

$62,926-2.46%

Live · 10:13 PM ET

12-month · ATH $126K Oct '25, drawdown to today

Jun '25 to Jun '26

What it is

The first and largest cryptocurrency, launched in 2009. Total supply capped at 21 million coins, of which roughly 19.8M are mined. Operates on a decentralized blockchain, no central issuer, transactions verified by a global network of miners. Treated as a commodity by US regulators (CFTC), not a security.

What moves it

Risk appetite (Bitcoin behaves like a high-beta risk asset), Federal Reserve liquidity conditions, spot Bitcoin ETF flows (since January 2024 approval), and regulatory news. Roughly correlated with the Nasdaq 100 during US trading hours. Bitcoin hit an all-time high of $126,000 in October 2025 and has since drawn down sharply.

The Real Cost

Bitcoin is the most volatile asset class on this page by a wide margin. $1,000 bought at Bitcoin's October 2025 peak (about $126,000) was worth far less months later after a drawdown near 50%. Same dollars, eight months apart. Bitcoin has historically rebounded from drawdowns but the holding period required to survive them has been 2 to 4 years. Position sizing matters more here than in any other asset on this page.

Spot Bitcoin ETFs · approved Jan 2024Listed as vocabulary, not recommendations

IBIT0.12%FBTC0.25%GBTC1.50%

Fund details, sources, and review

IBIT

iShares Bitcoin Trust

BlackRock · largest spot BTC ETF

0.12%

Expense ratio

$120/yr per $100K

FBTC

Fidelity Wise Origin Bitcoin Fund

Fidelity

0.25%

Expense ratio

$250/yr per $100K

GBTC

Grayscale Bitcoin Trust ETF

Grayscale · highest fee

1.50%

Expense ratio

$1,500/yr per $100K

Education, not advice. GBTC charges over 12x what IBIT charges for the same underlying exposure. The expense-ratio gap is the most extreme on this page. We list all three so you can see what fee variance looks like in a new asset class.

Glossary: Bitcoin →Glossary: Spot ETF

Reviewed by Joseph Citizen · June 15, 2026

Editorial standards

How we wrote this page.

Every figure on this page follows the same four-step standard, the one we apply across ClearMoneySchool.

Primary source or it doesn't run

Live prices via Yahoo Finance (indices, commodities) and CoinGecko (Bitcoin). Historical returns sourced to the Damodaran NYU dataset. Expense ratios sourced to each fund's prospectus. AUM and inception dates sourced to each issuer's fact sheet.

ETFs as vocabulary, not picks

Every fund on this page is named so you recognize the ticker. None of them is a recommendation. We do not get paid by any fund company. We do not run a Premium tier that benefits from steering you toward any fund.

Real Cost over abstraction

Every concept is paired with a dollar figure that shows what it actually costs. Percentages alone are easy to misread. Real dollars over real time periods are not.

Public errata

Every correction logged with date and reason. If a Real Cost figure is updated, the prior version stays visible next to the new one so you can see what changed.

Read this last · The compliance bottom line

This page is education, not financial advice.

ClearMoneySchool does not provide individualized investment, tax, or legal advice. The ETFs named on this page are listed as vocabulary you should recognize, not as recommendations to buy, hold, or sell. We do not get paid by any fund company. We do not run a Premium tier. We do not steer you toward any product. For decisions about your own money, talk to a fiduciary financial planner who knows your specific situation. Past performance does not predict future returns. All investments carry risk of loss.

Reviewed by Joseph Citizen, Founder · Last reviewed June 15, 2026 · Live price data: Yahoo Finance + CoinGecko · ClearMoneySchool does not provide individualized investment, tax, or legal advice.