For a given option portfolio, you are long vega, and short theta (as time passes your option loses money). Are you net long or short options? Net long, because as volatility goes up and it increases in value and as time passes you lose value. O Net short, because as volatility goes up and it decreases in value and as time passes you increase value. o not consistent you are long one and short the other, so can't tell completely independent derivatives, its apples and oranges and no reflection on your portfolio