We establish a direct link between massive Ising model and arbitrary m
assive N = 2 supersymmetric QFT's in two dimensions. This explains why
the equations which appear in the computation of spin-correlations in
the non-critical Ising model are the same as those describing the geo
metry of vacua in N = 2 theories. The tau-function appearing in the Is
ing model (i.e., the spin correlation function) is reinterpreted in th
e N = 2 context as a new ''index''. In special cases this new index is
related to the Ray-Singer analytic torsion, and can be viewed as a ge
neralization of that to the loop space of Kahler manifolds.