Bill Luby of Vix & More has a good article in Barrons that details how we can use it:
As a result of its elevated profile, the VIX is now followed by a wider variety of investors than at any time in the history of the index. But while the VIX is an important tool, investors -- including those who do not trade options -- would be well-served to look past the VIX for a more nuanced understanding of volatility and its implications for their portfolios.A case in point is the little-known VXV, whose formal name is the CBOE S&P 500 Three-Month Volatility Index. The VIX calculates implied volatility in S&P 500 index options for merely the next 30 days, but VXV uses a 93-day time window. The different time horizons have some important implications.
You can read the rest of the article HERE.