Tension running high in VIX

New York

SPECULATORS' appetite for protection from stock-market tempests has reached the highest in nine years.

Options predicting a rise in the Chicago Board Options Exchange Volatility Index are the most expensive since 2006 relative to those betting on a drop. With gains narrowing, investors are hedging through calls on the VIX, which usually rises as the Standard & Poor's 500 Index falls.

"Although the broader indices have be…