There are a handful of HF out there that are employ one-way short vol. Just wondering where the WSJ or other orgs would categorize them in their strategy charts. (WSJ had one today that did not include short vol.) Stat Arb? Dedicated Short? CTA? Trend? Should they have a cat of their own?
Both long and short vol would be directionally neutral, albeit opposite risks. Short vol is like playing Russian roulette w a mathematical model. The only groups that last have a method to determine when to both flatten and typically also when to long vol. The groups that only go short vol end up like Neiderhoffer.
Can anyone answer the original question on a short vol (VIX, futures, ETFs or options) presumably hedged with calls? It's not market neutral and wont belabor the point.