Introducing a novel two-factor $$\text{Quintic Ornstein-Uhlenbeck volatility model}$$, the paper innovatively calibrates both $SPX$ and $VIX$ volatility surfaces while fitting the skew-stickiness ratio. The approach leverages empirical facts including the $Zumbach\text{ effect}$, resolving limitations of previous models and promising substantial impact on derivative modeling research and offering fresh theoretical insights globally.

Introducing a novel two-factor $$\text{Quintic Ornstein-Uhlenbeck volatility model}$$, the paper innovatively calibrates both $SPX$ and $VIX$ volatility surfaces while fitting the skew-stickiness ratio. The approach leverages empirical facts including the $Zumbach\text{ effect}$, resolving limitations of previous models and promising substantial impact on derivative modeling research and offering fresh theoretical insights globally.

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