Some definitions first:
VIX - expected 30-day volatility for the S&P 500
VXV - expected 3 month volatility for the S&P 500
So if VIX implies short term fear, VXV implies quarterly fear. To divide both of them as a spread can give an indication/direction of where both short term and a slightly longer term 'fear' is heading.
Looking at the chart this ratio of...
