Abstract: Computer systems, software, systems, apparatus, methods, media, and distribution for creating indices to measure the actual price risk of an underlying. In one aspect, an electronic, computer-controlled system for electronically creating, recording, and disseminating the indices based on realized volatility. In a first embodiment, the system comprises: computer-compatible electronic memory including an electronically encoded representation of the indices based on the realized volatility of an underlying. The electronically encoded representation includes an electronically encoded representation of underlying reference price data, a realized volatility or variance formula (or statistical derivation of a formula based on realized volatility or realized variance), a time period. Further, the electronically encoded representation includes an electronically encoded representation of the adjustments to the data or the formulas.