# Are there trades that long gamma (convexity) and short volatility at the same time?

Likewise, are there trades that short gamma and long volatility at the same time?

Under fixed income context, are there trades that short convexity and long volatility at the same time?

• What do you mean by "short volatility" - short vega? It's trivially possible to build a portfolio that is long gamma and short vega, as long as you can find two options with different gamma and vega. The obvious example is to be long a short maturity ATM straddle (with high gamma and low vega) and short a long maturity ATM straddle (low gamma, high vega). – Chris Taylor Feb 29 at 23:19
• Thanks, @ChrisTaylor. Yes. I mean short vega. I am asking this because from stochastic calculus, it looks like convexity and vega are from the same term (quadratic variation), so I was wondering whether long convexity and short vega is possible. Please correct me if I'm wrong, are convexity and vega derived from the same mathematical term? – Harry Lijia Qin Mar 2 at 14:45