I am reading the following paragraph on the VIX wikipedia article and I find it confusing:
The VIX is calculated as the square root of the par variance swap rate for a 30-day term[clarify] initiated today. Note that the VIX is the volatility of a variance swap and not that of a volatility swap (volatility being the square root of variance, or standard deviation).
This makes zero sense to me, since a volatility swap is precisely the square root of a variance swap which is what VIX is aiming to represent/estimate.
Would someone have a better/cleaner explanation than this, and perhaps update the wikipedia paragraph?