tvix has apx 89% premium to Indicative value. But I wouldn't try to short is as CS surely will not offer more creation units until volatility spikes. If you are into it , it could be an arbitrage play.
FWIW.... 1) The inverse correlation between the VIX and S&P is "only" ~85% according to the CBOE. 2) On Fridays, there can be outright put-buying that pumps up the VIX while not being hedged in the S&P which can create the appearance of divergence or lack of correlation. 3) If no earth-shattering news occurs over the weekend, the market tries to find a way to "even" things back out, which may defy conventional/linear "logic". :eek: