The qualitative and quantitative descriptions of the sensitivity of swaptions to the various blocks of the correlation matrix have obvious relevance for hedging, as swaptions of various strikes are the plain‐vanilla building blocks of any hedging strategy. They are also fundamental for scenario hedging, i.e., for hedging against those changes in parameters or state variables the model does not know about. One instance of scenario hedging is hedging against so‐called changes in risk‐reversal risk, i.e., changes in the slope of the smile. This chapter lays the groundwork for the enterprise, with particular emphasis on the following points: first, to identify which plain‐vanilla instruments are more responsive to these modes of deformation; second, to identify which plain‐vanilla instruments are more responsive to these modes of deformation: third, to quantify the changes in the value of the hedges corresponding to these changes in the model variables and parameters.