how can i use the vix level to hedge downside risk 
downside risk can be adequately hedged by buying put options the price of which depend on market volatility astute investors tend to buy options when the vix is relatively low and put premiums are cheap such protective puts will generally get expensive when the market is sliding therefore like insurance it s best to buy them when the need for such protection is not obvious i e when investors perceive the risk of market downside to be low 