There is always some degree of prevailing market volatility, but during periods of market stress, volatility often spikes across all asset classes. The chart on the left shows the spike in equity, interest rate, and foreign exchange volatility at the onset of the pandemic, measured by a weekly z-score or deviation from historical conditions. 

However, not all volatility can be attributed to market stress. There have also been periods of unusual market activity during this year that can partly be attributed to the rise of retail investors, as highlighted in the chart on the right.