The world's most famous measure of volatility in financial markets is flashing a sign akin to boredom — languishing around levels that prevailed before the global crisis.

Problem is, the VIX is tied to the U.S. S&P 500 index. Take a step back to look at the global picture, and the early days of 2017 are showing elevated jumpiness similar to that seen during the past two years.

Emerging market currencies lead the pack, illustrating both the dangers and potential returns from investing in assets ranging from Egypt's pound to China's yuan. An investigation into price fluctuations across financial markets over the past two decades by Bloomberg shows how the beginnings of the past two years showed the highest volatility since 2009, when the world was reeling from the Lehman shock and the money market breakdown it unleashed.