Most forms of trace can be combined, with the same or different trace data going to different destinations.
The exceptions to this are "in-memory trace" and "trace to a file". These traces are mutually exclusive. When an output file is specified, any trace data that wraps in the "in-memory" case is written to the file, and a new buffer is given to the thread that filled its buffer. If no output file is specified, then when the buffer for a thread is full, the thread wraps the trace data back to the beginning of the buffer.