cross asset volatility trading是互换两个国家的波动率吗？

NO.PZ2023010407000016 问题如下 Mukilteo also plans to recommena specialist hee funstrategythwoulallow PWPF to maintain a high Sharpe ratio even ring a financialcrisis when equity markets fall. The specialisthee funstrategy thMukilteo plans to recommenis most likely: A.cross-asset volatility trang between the US anapanese markets. B.selling equity volatility ancollecting thevolatility risk premium. C.buying longer-teout-of-the-money options on VIXinx futures. C is correct.Mukilteo nee to recommena specialist hee funstrategy thchelp PWPFmaintain a high Sharpe ratio even in a crisis when equity markets fall. Buyinglonger-teout-of-the-money options on VIX inx futures is a long equityvolatility position thworks a protective hee, particularly in equitymarket crisis when volatility spikes anequity prices fall. A long volatilitystrategy is a useful potentiversifier for long equity investments (albeitthe cost of the option premium paithe volatility buyer). Because equityvolatility is approximately 80% negatively correlatewith equity market returns,a long position in equity volatility csubstantially rethe portfolio’sstanrviation, whiwoulserve to increase its Sharpe ratio.Longer-teoptions will have more absolute exposure to volatility levels(i.e., vega exposure) thshorter-teoptions, anout-of-the-money optionswill typically tra higher implievolatility levels that-the-moneyoptions.A is incorrectbecause cross-asset volatility trang, a type of relative value volatilitytrang, moften involve iosyncratimacro-orienterisks thmhaveaerse effects ring equity market crisis.B is incorrectbecause the volatility seller is the provir of insuranring crises, notthe beneficiary of it. Selling volatility provis a volatility risk premium orcompensation for taking on the risk of proving insuranagainst crises forholrs of equities another securities. On the short si, option premiumsellers generally extrasteaer returns in normmarket environments. 的解析中提到 out-of-the-money options will typically tra higher implievolatility levels that-the-money options.请教一下老师这句话如何理解？

NO.PZ2023010407000016问题如下 Mukilteo also plans to recommena specialist hee funstrategythwoulallow PWPF to maintain a high Sharpe ratio even ring a financialcrisis when equity markets fall. The specialisthee funstrategy thMukilteo plans to recommenis most likely: A.cross-asset volatility trang between the US anapanese markets.B.selling equity volatility ancollecting thevolatility risk premium.C.buying longer-teout-of-the-money options on VIXinx futures. C is correct.Mukilteo nee to recommena specialist hee funstrategy thchelp PWPFmaintain a high Sharpe ratio even in a crisis when equity markets fall. Buyinglonger-teout-of-the-money options on VIX inx futures is a long equityvolatility position thworks a protective hee, particularly in equitymarket crisis when volatility spikes anequity prices fall. A long volatilitystrategy is a useful potentiversifier for long equity investments (albeitthe cost of the option premium paithe volatility buyer). Because equityvolatility is approximately 80% negatively correlatewith equity market returns,a long position in equity volatility csubstantially rethe portfolio’sstanrviation, whiwoulserve to increase its Sharpe ratio.Longer-teoptions will have more absolute exposure to volatility levels(i.e., vega exposure) thshorter-teoptions, anout-of-the-money optionswill typically tra higher implievolatility levels that-the-moneyoptions.A is incorrectbecause cross-asset volatility trang, a type of relative value volatilitytrang, moften involve iosyncratimacro-orienterisks thmhaveaerse effects ring equity market crisis.B is incorrectbecause the volatility seller is the provir of insuranring crises, notthe beneficiary of it. Selling volatility provis a volatility risk premium orcompensation for taking on the risk of proving insuranagainst crises forholrs of equities another securities. On the short si, option premiumsellers generally extrasteaer returns in normmarket environments. 能否详细一下C正确的原因，是因为有权益收益率和波动性负相关这个结论吗？