# A Professional Guide to Hedging Your Portfolio with VIX Derivatives ▴ Guide

**Published:** 2025-08-17
**Categories:** Guide

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## The Volatility Instrument

The [Cboe Volatility Index](https://prime.greeks.live/area/cboe-volatility-index/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), or VIX, provides a quantified measure of the market’s expectation of 30-day forward-looking volatility. It is derived from the aggregated, weighted prices of S&P 500 (SPX) index puts and calls across a wide spectrum of strike prices. This construction transforms an abstract idea of market sentiment into a tangible, tradable instrument. The index itself is not directly investable, but its existence enables a sophisticated suite of derivatives, principally VIX futures and options, which furnish the tools for advanced [portfolio hedging](https://prime.greeks.live/area/portfolio-hedging/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

Understanding the mechanics of the VIX is the foundational step toward deploying it strategically. The index’s value reflects the price investors are willing to pay for portfolio insurance, making its derivatives a direct conduit to managing, isolating, and transferring risk. The calculation methodology integrates options with a range of expiration dates, specifically those with more than 23 and fewer than 37 days to maturity, ensuring the index maintains a constant 30-day volatility outlook. This process of rolling contracts creates a continuous, forward-looking measure of expected market movement. The negative correlation between volatility and [equity market](https://prime.greeks.live/question/how-does-the-best-execution-process-differ-between-equity-and-non-equity-instruments/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) returns is a well-documented financial principle, establishing the diversification benefits of incorporating volatility instruments into a broader investment portfolio.

> The VIX Index is a volatility index comprised of options rather than stocks, with the price of each option reflecting the market’s expectation of future volatility.

The introduction of VIX futures and options created a practical standard for trading and hedging volatility. These instruments allow market participants to take positions on the future direction of expected volatility. VIX [futures contracts](https://prime.greeks.live/question/can-an-rfq-be-used-for-options-on-futures-contracts/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) settle to a final value determined by a Special Opening Quotation (SOQ) of the VIX on expiration day, which is calculated using the opening trade prices of [SPX options](https://prime.greeks.live/area/spx-options/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This mechanism provides a clear settlement target for futures contracts.

[VIX options](https://prime.greeks.live/area/vix-options/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), in turn, are options on these futures contracts, offering another layer of strategic flexibility. They allow for the construction of positions that can profit from increases in volatility, decreases in volatility, or periods of stable volatility. The ability to use these tools effectively separates reactive portfolio defense from proactive risk engineering. It allows a portfolio manager to construct a hedge that is precisely calibrated to a specific market view or risk tolerance, moving beyond simple asset allocation into the realm of dynamic [risk management](https://prime.greeks.live/area/risk-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

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## Systematic Volatility Hedging

A professional approach to hedging with [VIX derivatives](https://prime.greeks.live/area/vix-derivatives/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) involves systematic, rules-based strategies designed to protect against equity market downturns. These are not discretionary trades based on market timing but are integrated components of a portfolio’s risk management system. The core objective is to structure hedges that provide an offset against losses in an equity portfolio during periods of high stress and increased volatility. The documented negative correlation between VIX and the S&P 500 provides the fundamental basis for these strategies.

Effective implementation requires a deep understanding of the available instruments and the specific outcomes they are designed to achieve. The primary tools are [VIX call options](https://prime.greeks.live/area/vix-call-options/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and [VIX futures](https://prime.greeks.live/area/vix-futures/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), each with distinct characteristics and applications.

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## Long VIX Call Options a Direct Volatility Purchase

Purchasing VIX [call options](https://prime.greeks.live/area/call-options/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a direct method for establishing a long volatility position. This strategy offers a defined-risk approach to hedging, as the maximum potential loss is limited to the premium paid for the options. The options gain value as the underlying VIX index, and therefore expected market volatility, increases. This dynamic often coincides with sharp declines in the equity market, creating the desired hedging effect.

A systematic program might involve consistently allocating a small percentage of a portfolio’s value to the purchase of out-of-the-money VIX calls. While these options may frequently expire worthless during periods of low volatility, imposing a drag on performance, their potential payoff during a significant market disruption can be substantial, potentially increasing by multiples of their initial cost. The key is calibrating the size and [strike price](https://prime.greeks.live/guide/how-to-choose-the-optimal-strike-price-and-expiration-date/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) of the options to provide meaningful protection without excessively eroding returns during calm market periods.

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## Strategy Implementation a Framework

A disciplined approach to implementing a VIX call option hedge is essential for long-term success. The process involves several key decisions that dictate the cost and effectiveness of the hedge.

- 
**Allocation Sizing:** Determine a fixed percentage of the portfolio to allocate to the hedging strategy. This is often a small amount, such as 1-2%, to manage the cost of the premium.

- 
**Option Selection:** Select the specific options to purchase. This involves choosing an expiration date and a strike price. Typically, options with 30-60 days to expiration are used to align with the VIX’s 30-day forward view. Out-of-the-money calls are often chosen to reduce the initial premium cost, with the understanding that they require a more significant move in the VIX to become profitable.

- 
**Rolling Convention:** Establish a consistent schedule for rolling the options. As an option approaches its expiration date, its time value decays. A systematic rolling process, such as closing the position and opening a new one with a later expiration date on a monthly basis, is necessary to maintain the hedge.

- 
**Rebalancing Rules:** Define the conditions under which the hedge will be adjusted. For example, after a significant volatility spike and a corresponding increase in the value of the call options, a manager might take profits on the position and re-establish the hedge at a different strike price or allocation level.

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## VIX Futures for Calibrated Exposure

VIX futures offer another powerful tool for hedging. Unlike options, futures contracts represent a direct agreement to buy or sell the VIX at a future date at a predetermined price. A long position in VIX futures gains value as the VIX rises, providing a hedge against equity market declines. The VIX futures market often exhibits a term structure, with prices for longer-dated futures typically being higher than for shorter-dated futures, a state known as contango.

This structure can create a cost to holding a long futures position over time, as the position must be rolled to a more expensive, longer-dated contract. A dynamic hedging strategy might use the level of the VIX itself as a signal for when to activate a hedge. For instance, a rule could be established to enter a long VIX futures position only when the VIX closes above a certain threshold, such as its long-term moving average or a specific level like 30, which historically indicates heightened investor apprehension. This approach seeks to avoid the costs of a perpetual hedge by only putting the protection in place when market risk indicators are elevated.

> A volatility-based dynamic hedging strategy is the most effective at protecting the value of an equity investment.

The decision between using options or futures depends on the specific goals of the portfolio manager. Options provide an asymmetric payoff profile with limited downside, which is attractive for pure hedging. Futures provide a more linear payoff and can be more capital-efficient, but also come with greater potential downside if volatility declines.

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## Advanced Volatility Applications

Mastering the use of VIX derivatives extends beyond simple hedging. Advanced applications involve integrating volatility as a distinct asset class within a portfolio and developing strategies that seek to generate returns from volatility itself. This requires a shift in perspective, viewing volatility not just as a risk to be mitigated but as a source of potential alpha.

These strategies are more complex and require a sophisticated understanding of market dynamics, particularly the structure of the VIX [futures curve](https://prime.greeks.live/guide/achieve-superior-returns-by-mastering-the-futures-curve/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and the concept of the [volatility risk premium](https://prime.greeks.live/area/volatility-risk-premium/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The execution of these concepts moves a portfolio from a state of being protected against volatility to a state of actively managing it for strategic gain.

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## Harvesting the Volatility Risk Premium

The [volatility risk](https://prime.greeks.live/area/volatility-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) premium (VRP) is a persistent market phenomenon where the implied volatility priced into options tends to be higher than the volatility that is subsequently realized in the market. This premium compensates sellers of options for the risk they are taking on. A systematic strategy to harvest this premium often involves shorting VIX futures.

Because the VIX futures curve is typically in contango, with longer-dated futures priced higher than the spot VIX and near-term futures, a short position in a near-term future can profit as the future’s price converges downward toward the spot VIX level over time, assuming the spot level remains stable. This is a yield-generating strategy that collects a premium from the structural shape of the futures curve.

This is an advanced strategy with significant risks. While shorting VIX futures can provide a steady stream of income in calm markets, it exposes the portfolio to substantial losses during a volatility spike. A sudden market shock can cause the VIX and its futures to rise dramatically, leading to large drawdowns for anyone short volatility. Consequently, professional strategies for harvesting the VRP are almost always paired with a risk management component.

This might involve using VIX call options to cap the potential upside risk of the short futures position or employing [dynamic allocation](https://prime.greeks.live/area/dynamic-allocation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) rules that reduce the size of the short position when volatility begins to rise. The goal is to capture the premium offered by the market while explicitly managing the tail risk associated with the strategy.

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## Structuring Spreads and Relative Value Trades

More sophisticated applications of VIX derivatives involve constructing spreads. These are positions that combine long and short positions in different VIX options or futures to isolate a specific view on volatility. For example, a calendar spread might involve selling a short-term VIX future and buying a longer-term VIX future. This position would profit if the spread between the two contracts widens, a bet on the steepening of the VIX futures curve.

Another common strategy is a call or put spread using VIX options. A manager might buy a VIX call at one strike price and sell another VIX call at a higher strike price. This creates a position with a defined maximum profit and loss, which can be used to express a view on the potential magnitude of a future volatility increase while limiting the cost of the position. These relative value trades are less about the absolute direction of volatility and more about the relationship between different points on the volatility term structure or different option strike prices. They require a granular understanding of VIX market microstructure and are typically the domain of specialized volatility traders and hedge funds.

> Combining both legs results in a positive performance for such a strategy. In case of a sharp and sudden increase in S&P500 volatility, VIX calls could even overcompensate the losses of being short S&P500 puts.

Visible Intellectual Grappling ▴ One might question the net benefit of these complex spread strategies when a simple long call or future position seems to accomplish the primary hedging goal. The rationale lies in cost efficiency and precision. A simple long call hedge is a blunt instrument; it protects against a rise in volatility but at a consistent cost. A spread, however, can be structured to reduce or even eliminate this cost, funding the purchase of a protective option with the sale of another.

It allows a manager to target a very specific outcome ▴ for example, protecting against a VIX move from 20 to 40, but not above ▴ which can be a more capital-efficient way to manage a particular perceived risk. It is the difference between buying a generic insurance policy and engineering a custom risk transfer agreement tailored to the exact specifications of the portfolio’s needs.

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## Volatility as a Managed Asset

The deliberate integration of VIX derivatives transforms a portfolio’s relationship with risk. It marks the evolution from a passive stance, where market volatility is an external force to be weathered, to an active one, where volatility is a measurable, manageable, and even productive component of a broader investment strategy. The tools and techniques outlined here provide the means to sculpt a portfolio’s risk profile with a degree of precision that is unavailable through traditional asset allocation alone. This is the core of professional risk management.

It is a systematic process of identifying, measuring, and acting upon the forces that drive portfolio returns. By engaging with the volatility market, investors gain access to a powerful set of instruments for enhancing resilience, managing drawdowns, and creating new sources of return. The ultimate objective is to build a portfolio that is not merely diversified across assets, but is also structurally prepared for a wide range of market environments. This proactive posture is the hallmark of a sophisticated investment operation.

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## Glossary

<a href="https://prime.greeks.live/area/cboe-volatility-index/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Cboe Volatility Index

Meaning ▴ The Cboe Volatility Index, universally known as VIX, functions as a real-time market index reflecting the market's expectation of 30-day forward-looking volatility. </a><a href="https://prime.greeks.live/area/portfolio-hedging/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Portfolio Hedging

Meaning ▴ Portfolio hedging is the strategic application of derivative instruments or offsetting positions to mitigate aggregate risk exposures across a collection of financial assets, specifically designed to neutralize or reduce the impact of adverse price movements on the overall portfolio value. </a><a href="https://prime.greeks.live/question/how-does-the-best-execution-process-differ-between-equity-and-non-equity-instruments/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Equity Market

Best execution differs by adapting its process from algorithmic optimization in transparent equity markets to strategic liquidity sourcing in fragmented non-equity markets. </a><a href="https://prime.greeks.live/question/can-an-rfq-be-used-for-options-on-futures-contracts/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Futures Contracts

Yes, an RFQ is a core mechanism for trading options on futures, enabling discreet, competitive price discovery for large or complex strategies. </a><a href="https://prime.greeks.live/area/spx-options/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Spx Options

Meaning ▴ SPX Options are European-style, cash-settled derivatives contracts whose value is derived from the S&P 500 Index. </a><a href="https://prime.greeks.live/area/risk-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Risk Management

Meaning ▴ Risk Management is the systematic process of identifying, assessing, and mitigating potential financial exposures and operational vulnerabilities within an institutional trading framework. </a><a href="https://prime.greeks.live/area/vix-options/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Vix Options

Meaning ▴ VIX Options are derivative contracts providing exposure to the CBOE Volatility Index (VIX), which represents the market's expectation of 30-day forward-looking volatility of the S&P 500 index. </a><a href="https://prime.greeks.live/area/vix-derivatives/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Vix Derivatives

Meaning ▴ VIX Derivatives are financial instruments whose valuation is directly linked to the CBOE Volatility Index (VIX), which serves as a real-time market index reflecting the market's forward-looking expectation of 30-day volatility for the S&P 500 Index. </a><a href="https://prime.greeks.live/area/vix-call-options/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Vix Call Options

Meaning ▴ VIX Call Options represent derivative contracts that grant the holder the right, but not the obligation, to purchase a specified VIX futures contract at a predetermined strike price on or before a designated expiration date. </a><a href="https://prime.greeks.live/area/vix-futures/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Vix Futures

Meaning ▴ VIX Futures are standardized financial derivatives contracts whose underlying asset is the Cboe Volatility Index, commonly known as the VIX. </a><a href="https://prime.greeks.live/area/call-options/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Call Options

Meaning ▴ A Call Option represents a derivative contract granting the holder the right, but not the obligation, to purchase a specified underlying asset at a predetermined strike price on or before a defined expiration date. </a><a href="https://prime.greeks.live/guide/how-to-choose-the-optimal-strike-price-and-expiration-date/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Strike Price

Master the two levers of options trading ▴ strike price and expiration date ▴ to define your risk and unlock strategic market outcomes. </a><a href="https://prime.greeks.live/area/volatility-risk-premium/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Volatility Risk Premium

Meaning ▴ The Volatility Risk Premium (VRP) denotes the empirically observed and persistent discrepancy where implied volatility, derived from options prices, consistently exceeds the subsequently realized volatility of the underlying asset. </a><a href="https://prime.greeks.live/guide/achieve-superior-returns-by-mastering-the-futures-curve/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Futures Curve

Master the futures curve to systematically harvest returns embedded in the very structure of the market's expectations. </a><a href="https://prime.greeks.live/area/volatility-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Volatility Risk

Meaning ▴ Volatility Risk defines the exposure to adverse fluctuations in the statistical dispersion of an asset's price, directly impacting the valuation of derivative instruments and the overall stability of a portfolio. </a><a href="https://prime.greeks.live/area/dynamic-allocation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Dynamic Allocation

Meaning ▴ Dynamic Allocation refers to the algorithmic methodology for continuously adjusting the distribution of capital, risk exposure, or trading resources across various assets, strategies, or venues in real-time. </a>

**Tags:** [Dynamic Allocation](https://options.greeks.live/area/dynamic-allocation/), [Tail-Risk Hedging](https://options.greeks.live/area/tail-risk-hedging/), [Risk Premium](https://options.greeks.live/area/risk-premium/), [Volatility Risk](https://options.greeks.live/area/volatility-risk/), [SPX Options](https://options.greeks.live/area/spx-options/), [Cboe Volatility Index](https://options.greeks.live/area/cboe-volatility-index/)	

## Discover More

- 
### [How to Use Index Options to Build a Financial Firewall for Your Portfolio](https://options.greeks.live/guide/how-to-use-index-options-to-build-a-financial-firewall-for-your-portfolio/)
![A futuristic, dark grey institutional platform with a glowing spherical core, embodying an intelligence layer for advanced price discovery. This Prime RFQ enables high-fidelity execution through RFQ protocols, optimizing market microstructure for institutional digital asset derivatives and managing liquidity pools.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-intelligence-layer.jpg)

Build a portfolio immune to market shocks by engineering a calculated firewall with index options.

- 
### [A Trader’s Guide to Mastering Market Volatility with VIX Options](https://options.greeks.live/guide/a-traders-guide-to-mastering-market-volatility-with-vix-options/)
![A translucent teal layer overlays a textured, lighter gray curved surface, intersected by a dark, sleek diagonal bar. This visually represents the market microstructure for institutional digital asset derivatives, where RFQ protocols facilitate high-fidelity execution. The transparency suggests price discovery across diverse liquidity pools, optimizing capital efficiency and minimizing slippage for block trades.](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocols-driving-optimal-execution.jpg)

A trader's guide to pricing market fear and systematically integrating volatility into a professional-grade portfolio strategy.

- 
### [Why VIX Derivatives Are an Essential Tool for Modern Portfolios](https://options.greeks.live/guide/why-vix-derivatives-are-an-essential-tool-for-modern-portfolios/)
![A sleek, domed control module, light green to deep blue, on a textured grey base, signifies precision. This represents a Principal's Prime RFQ for institutional digital asset derivatives, enabling high-fidelity execution via RFQ protocols, optimizing price discovery, and enhancing capital efficiency within market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/precision-control-for-institutional-digital-asset-rfq-execution.jpg)

Mastering VIX derivatives provides the essential tools to actively engineer portfolio resilience and capitalize on market fear.

- 
### [A Professional Guide to Engineering Portfolio Defense with VIX Calls](https://options.greeks.live/guide/a-professional-guide-to-engineering-portfolio-defense-with-vix-calls/)
![A disaggregated institutional-grade digital asset derivatives module, off-white and grey, features a precise brass-ringed aperture. It visualizes an RFQ protocol interface, enabling high-fidelity execution, managing counterparty risk, and optimizing price discovery within market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-modular-execution-intelligence-system.jpg)

Engineer a resilient portfolio by strategically deploying VIX calls to convert market volatility into a source of strength.

- 
### [Why VIX Hedging Is the Ultimate Strategy for Managing Market Risk](https://options.greeks.live/guide/why-vix-hedging-is-the-ultimate-strategy-for-managing-market-risk/)
![A Prime RFQ interface for institutional digital asset derivatives displays a block trade module and RFQ protocol channels. Its low-latency infrastructure ensures high-fidelity execution within market microstructure, enabling price discovery and capital efficiency for Bitcoin options.](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-rfq-protocol-engine-high-fidelity-execution-digital-asset-derivatives.jpg)

Harnessing the VIX is the definitive method for engineering a portfolio that thrives on market uncertainty.

- 
### [Why Volatility Is an Asset Class You Should Be Trading](https://options.greeks.live/guide/why-volatility-is-an-asset-class-you-should-be-trading/)
![A sleek, abstract system interface with a central spherical lens representing real-time Price Discovery and Implied Volatility analysis for institutional Digital Asset Derivatives. Its precise contours signify High-Fidelity Execution and robust RFQ protocol orchestration, managing latent liquidity and minimizing slippage for optimized Alpha Generation.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-execution-via-optimized-rfq-protocols-enhancing-market-microstructure.jpg)

Harness the market's energy by trading volatility, transforming uncertainty into a source of strategic returns.

- 
### [Why Shorting Volatility Is a Professional’s Game](https://options.greeks.live/guide/why-shorting-volatility-is-a-professionals-game/)
![Polished metallic disc on an angled spindle represents a Principal's operational framework. This engineered system ensures high-fidelity execution and optimal price discovery for institutional digital asset derivatives. Its reflective surface mirrors real-time market microstructure, facilitating efficient RFQ protocols and aggregated inquiry liquidity.](https://options.greeks.live/wp-content/uploads/2025/08/high-fidelity-digital-asset-derivatives-rfq-execution-platform.jpg)

Mastering the art of shorting volatility is a function of disciplined risk engineering, not speculative forecasting.

- 
### [A Professional Framework for Trading VIX Signals](https://options.greeks.live/guide/a-professional-framework-for-trading-vix-signals/)
![Translucent teal glass pyramid and flat pane, geometrically aligned on a dark base, symbolize market microstructure and price discovery within RFQ protocols for institutional digital asset derivatives. This visualizes multi-leg spread construction, high-fidelity execution via a Principal's operational framework, ensuring atomic settlement for latent liquidity.](https://options.greeks.live/wp-content/uploads/2025/07/transparent-geometric-structures-visualizing-multi-leg-spread-rfq-protocols-for-high-fidelity-institutional-digital-asset-derivatives-execution.jpg)

A professional framework for translating market volatility into a systematic source of alpha and strategic portfolio defense.

- 
### [The Professional’s Guide to VIX Term Structure Profits](https://options.greeks.live/guide/the-professionals-guide-to-vix-term-structure-profits/)
![The abstract composition features a central, multi-layered blue structure representing a sophisticated institutional digital asset derivatives platform, flanked by two distinct liquidity pools. Intersecting blades symbolize high-fidelity execution pathways and algorithmic trading strategies, facilitating private quotation and block trade settlement within a market microstructure optimized for price discovery and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-1.jpg)

Master the VIX term structure to systematically harvest volatility risk premium and engineer a superior portfolio.

---

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---

**Original URL:** https://options.greeks.live/guide/a-professional-guide-to-hedging-your-portfolio-with-vix-derivatives/
