Q-59. Although gamma is similar to vega in that it is greatest for an option that is at-the-money and approaches zero as the option moves deep-in-the-money or deep-out-of-the-money, one important difference is that while vega increases as the time to maturity increases, gamma decreases. Since the 1-month option has a lower vega and a higher gamma than the 4-month option, a portfolio with a short position in the 1-month and a long position in the 4-month will have positive vega and negative gamma. Adding this to the original portfolio would reduce the gamma and increase the vega of the original portfolio.