A system is configured to determine a fluid responsiveness index of a patient from a physiological signal. The system may include a sensor configured to be secured to an anatomical portion of the patient, and a monitor operatively connected to the sensor. The sensor is configured to sense a physiological characteristic of the patient. The monitor is configured to receive a physiological signal from the sensor. The monitor may include an index-determining module configured to determine the fluid responsiveness index through formation of a ratio of one or both of amplitude or frequency modulation of the physiological signal to baseline modulation of the physiological signal.