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A third is to weight the index in terms of the volatility of the stocks, with the least volatile being favoured.
The extent of the volatility for any given company is indeed a modern phenomenon.
"Reinsurance investors are inherently more tolerant of the volatility," Mr. Devine said.
"We move in and out of positions quicker than we used to because of the volatility".
It may be the most discernible effect of the volatility of the last two months.
That is largely because of the defensive stocks that dominate the bottom of the volatility charts.
But nobody knows what will be the consequences of the volatility that would inevitably follow.
Refiners also absorbed some of the volatility as crude prices rose.
Economists said part of that gain could be because of the volatility related to the model year changeover.
"The board will continue to monitor its options in light of the volatility of the trading environment," he said.
Indeed, some of the volatility in European debt recently may be attributed to investor fears about these issues.
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