So, first of all SPY does not have a p/e ratio. It's not a company, its a fund, therefore it has no earnings and no price/earnings ratio. The VIX is an index (like the s&amp;p or the dow) that tracks the implied volatility of S&amp;P futures contracts, more or less. To my limited understanding, it goes up when more options are being bought, this usually means put buying as a hedge- hence why the market tends to be red when the VIX is pumping (but can also be green). 

I also don't really know what I'm talking about, but that's what I've got.