I have a large number of June 20 calls on the VIX (which i bought when the VIX was in the low 9s, to offset potential losses in the XIV I hold when the VIX ultimately popped). Late last week or so the VIX took a POUNDING (to the upside) - from in the 11s to not that short of 20 now. My XIV went way down, but since VIX is now not very far out of the money, I had suspected my June 20 calls would act as a pretty good counter as VIX got closer and closer to a 20 strike price, and a very good counter over that since they are "in the money". But my call options hardly increased in value. I think this is because June is still a long ways off, and these call options can not be exercised early (they are cash settled at expiration). So the once the VIX goes above 20, that doesn't mean that the option values for far off options will move more-or-less lock step - instead investors have to take into account that from the time today when they buy the option to the time in June when it is cash settled, even if VIX is (let's say) 24 today, it still has several months in which it could slip. So while the option has potential appreciation value, it also has potential depreciation value as well. So I really wanted to hedge my XIV, I would want to buy much nearer-term calls. Does that make sense? Thanks!