Volga
Volga is another name for vomma: how an option's vega changes as volatility moves. Learn what the name means and why volatility convexity matters.
Volga measures how an option's vega changes as volatility moves. If that sounds familiar, it should: volga is simply another name for vomma. The two words describe the exact same second-order Greek, the convexity of vega.
The name itself is the clue. "Volga" is a blend of volatility and gamma, and that tells you precisely what it does. Let me unpack the name and why it earns its place.
Volatility's Gamma
You already know gamma as the acceleration of delta: it measures how your directional sensitivity speeds up as the stock moves. Volga is the same idea, but for volatility instead of price.
Volga measures how your vega, your sensitivity to volatility, speeds up as volatility itself changes. Where gamma bends the price payoff, volga bends the volatility payoff. That is why the name fuses "vol" and "gamma": it is, quite literally, the gamma of volatility. Some traders find "volga" the more intuitive label for exactly that reason.
Why the Convexity Matters
Because volga and vomma are the same Greek, everything true of one is true of the other. A position with positive volga sees its vega grow as volatility rises and shrink as volatility falls, a convex, in-your-favor curve for anyone betting on a volatility spike.
That convexity is why volatility traders care. Judging risk by vega alone assumes vega holds still, but in a large volatility move it does not. Volga tells you how much your volatility exposure will itself change, so a big swing in fear does not catch you off guard. Far out-of-the-money options carry the most volga, which is part of why traders buy the wings to make cheap, convex bets on turmoil.
If you have read the vomma page, none of this is new, and that is the point: volga and vomma are two names for one concept. Pick whichever name helps it stick.
- Volga is another name for vomma: how vega changes as volatility moves.
- The name blends volatility and gamma, the gamma of volatility.
- Positive volga means vega grows as volatility rises, a convex payoff.
- It is largest for far out-of-the-money options.
Pop Quiz
Three quick questions to see what stuck. Pick an answer and the explanation shows up right away.
How does volga relate to vomma?
Volga and vomma both measure how vega changes with volatility. Same concept, two labels.
Where does the name "volga" come from?
Volga fuses "vol" and "gamma," signaling it is the gamma of volatility, the acceleration of vega.
Which options carry the most volga?
Far OTM options have the most volga, which is why traders buy the wings for cheap, convex volatility bets.
Bottom Line
Volga is the gamma of volatility, and it is simply another name for vomma. It measures how your vega accelerates as volatility moves, bending the volatility payoff the way gamma bends the price payoff. Positive volga rewards a volatility spike with compounding sensitivity.
The two names cause needless confusion, so hold it simply: volga and vomma are one Greek. The "volga" name just wears its meaning on its sleeve, volatility plus gamma.
Keep going: the identical Greek under its other name is vomma, the Greek it acts on is vega, and its price-side twin is gamma.