We study the convexity properties of the generalized trigonometric functions considered as functions of parameter. We show that $p\to\sin_p(y)$ and $p\to\cos_p(y)$ are log-concave on the appropriate intervals while $p\to\tan_p(y)$ is log-convex. We also prove similar facts about the generalized hyperbolic functions. In particular, our results settle the major part of a conjecture put forward in a recent paper by Baricz, Bhayo and Vuorinen.