Alex F.

VIX Premium Ratio Finally Perks Up

Either I'm having a brain fart or you are constructing the implied/realized volatility ratio incorrectly.

Implied volatility is a measure of expected volatility over the next month.

Realized volatility is a measure of realized volatility over the previous month.

So today's realized volatility value corresponds to the implied volatility one month ago. Therefore, you should lag the realized volatility and not implied.