Greeks

Greek-Neutral

By Ryan Silk & Lawrence Polatchek · Reviewed April 2026 · Options Trading Glossary

Portfolio with zero targeted Greek exposure

What is Greek-Neutral?

Greek-Neutral A portfolio constructed to have zero or near-zero exposure to one or more Greeks. Delta-neutral positions eliminate directional risk; gamma-neutral eliminates convexity risk; vega-neutral eliminates volatility risk. Achieving neutrality in multiple Greeks simultaneously requires careful position balancing.

Complete Definition

A portfolio constructed to have zero or near-zero exposure to one or more Greeks. Delta-neutral positions eliminate directional risk; gamma-neutral eliminates convexity risk; vega-neutral eliminates volatility risk. Achieving neutrality in multiple Greeks simultaneously requires careful position balancing.

Example

A delta-neutral, vega-short portfolio profits from time decay while being insensitive to small price moves and short volatility.

Related Terms

Delta Neutral Delta Hedging Greeks Gamma Scalping

Written by

ApexVol Research Team

Quantitative options research

All calculations use live ORATS institutional data — the same source used by professional volatility desks.

Technical reviewer

Ryan Silk, ApexVol Founder

Reviewed for technical accuracy

10+ years trading options. Built ApexVol's pricing engine, Greeks model, and IV-rank methodology.

This guide is updated as market conditions and ORATS data change. Last revised 2026-05-12. How we research →

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