The payoffs form a straddle are more like the payoffs from a money spread than a calendar spread.

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A straddle involves buying a call and a put with the same strike price and expiration date, focusing on volatility rather than the direction of the market move, whereas a money spread (often referred to as a vertical spread) involves options of the same type (either all calls or all puts) with different strike prices but the same expiration date, focusing on the direction of the market move. A calendar spread involves options of the same type and strike price but different expiration dates, focusing on differences in time decay. Thus, the payoff structure of a straddle is more distinct and based on volatility, making it less similar to a money (vertical) spread and more akin to strategies that capitalize on volatility differences.

The Payoffs Form a Straddle Are More Like the Payoffs