CvC = Call vs Call

CvC is a typical correlation trading strategy in which an investor gets exposure to the average correlation of an index.

To sell correlation, an investor call sell a call option on an index and buy a portfolio of call options on the individual constituents of the index (hence the name call vs call).

Although in practice, a trader may choose other types of structures with less delta risk such as straddles, variance swaps or trade the correlation directly through a correlation swap