I am suddenly confused about the interpretation of the vix coefficient during normal times and crises.
I need someone to confirm my understanding
1.If VIX during normal times has a positive coefficient, it means we have positive exposure to volatility which means we can either do this by buying calls or buying puts. Am I right?
2. If vix has negative exposure during a crisis, then it means we are negative the volatility = selling volatility which means we are selling puts or call. Correct?
But what I don’t get is why the exposure to VIX is negative during periods of crisis? I mean if volatility is high, don’t we want to buy the VIX hence positive exposure?