After you optimally hedge using S&P 500 futures contracts, would your portfolio have much risk?

Suppose you run the following regression V=0+1F+ where V is the weekly change in the value of your equity portfolio and F is the weekly change in the value of one S\&P 500 futures contract. The regression results indicate that the estimate of 0 is 162.4 , the estimate of 1 is 220.9 , and the R2 is 0.03