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The VIX measures volatility, not price level. Though at current levels increased volatility would likely mean a drop in prices, it's no guarantee. You can have volatility going up as well.

If you wanted to hedge a portion of your portfolio against a large move down in prices it might be more straightforward to buy some puts on shares of the SPDR S&P 500 Index ETF, equal to the percentage of your portfolio that you wanted to hedge. Even more aggressive would be to short some SPDR shares equal to some percentage of your portfolio.

This isn't advice to actively do these things, just options available out there if your goal is to hedge against a broad market decline. I'm not hedged myself. While it's hard to find deals these days I personally don't think the market as a whole is massively overvalued. Instead of hedging or selling I just haven't been buying, letting cash build. That's just me though. Everyone is different.

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