Butterfly Twists depend, original, increase, decrease

ruchita

Are the two definitions (below) consistent/identical?

1) Positive: less curvature; Negative: more curvature.

2) Positive: higher increase in short- and long-term maturities than mid-term, lower decrease in short- and long-term maturities than mid-term; Negative: vice versa.

Doesn't it depend on the original shape of the yield curve?