It took a pandemic to move the Worldvolatility to the highest since 2008. At 7,84% all assetclasses are quite volatile and the implied correlation is rising. Equities and Goldmarkets are wild but treasuries are still reasonably calm thanks to heavy fed intervention.
An interesting peculiarity that the worldvolatility has is that it can rise fast but normally will not decrease as fast. At these levels (7,84%) it is more likely to remain high for at least a couple of months than to decrease.
The level a the moment is still way below the early 1980s and 2008-2009 both with a Worldvolatility above 10% as can be seen below. The level at the moment is not at a systemic risk level, but a further increase of the Worldvolatility in the coming months could pose a systemic risk to the USD based financial system.