# Second-Order Greeks

*Derivatives & Options — Finicade finance glossary*

Second-order Greeks measure how the first-order Greeks themselves move. Vanna is delta's sensitivity to volatility, volga is vega's sensitivity to volatility, and charm is delta's decay with time. They matter to anyone running a hedged book: vanna and charm flows around large expiries drive real index moves, and a desk that hedges delta but ignores its drift with time and vol will find its hedge quietly wrong every morning.

**Also known as:** vanna, volga, charm, higher order greeks

**Related terms:** [The Greeks](https://finicade.com/glossary/the-greeks), [Gamma](https://finicade.com/glossary/gamma), [Vega](https://finicade.com/glossary/vega), [Delta Hedging](https://finicade.com/glossary/delta-hedging), [Volatility Surface](https://finicade.com/glossary/volatility-surface)

Source: https://finicade.com/glossary/second-order-greeks