The VIX curve summarized as front-vs-back ratios: VIX/VIX3M and VIX/VIX6M. Below 1 is contango (upward curve, calm); above 1 is backwardation (front richer than back).
How to read Read the present-state SHAPE — 'the curve is in backwardation right now' / 'the market is pricing higher near-term than longer-dated vol'.
Curve shape is DESCRIPTIVE. Cboe's own research shows backwardation does NOT reliably predict a down market — report the shape, never the prediction.