I sold a bunch of strangles and am concerned that the volatility may surge. I want to use VIX to hedge against a sudden vol change. I found the vegas of my options are -0.01. With total 50 contracts, I figure the total vega is -0.01*100*50=-50. My options have high IV than SPX, let's say twice as much. If VIX rises 1 point, my position's IV would go 2 points higher. I would lose $100. If I sell deep ITM VIX puts at 40, for each point rise in vix, I would gain $100, nearly point for point. Would this effectively cancel out the volatility risk?