The Best instrument the hedge VLUE is:

1. SPY
2. IWD
3. QQQ
4. EEMV
5. none of the above

	Hedging Instruments	F U N D S
	SPY	IWD	QQQ	VLUE	MTUM	LRGF	EEMV
mean	0.009695	0.004965	0.016384	0.004751	0.013125	0.006937	0.000835
std	0.042047	0.044322	0.048593	0.049692	0.041113	0.043569	0.039410
		r	SPY	0.944054	0.917795	0.976567	0.737315
		IWD	0.965147	0.825963	0.968186	0.718875
		QQQ	0.817626	0.908662	0.868920	0.669757
		b	SPY	1.115693	0.897399	1.011914	0.691073
		IWD	1.082084	0.766162	0.951743	0.639210
		QQQ	0.836111	0.768784	0.779081	0.543187
		a	SPY	-0.006066	0.004424	-0.002873	-0.005865
		IWD	-0.000622	0.009321	0.002211	-0.002338
		QQQ	-0.008947	0.000529	-0.005827	-0.008064
		s2 ( e )	SPY	0.000269	0.000266	0.000088	0.000709
		IWD	0.000169	0.000537	0.000119	0.000751
		QQQ	0.000711	0.001074	0.000257	0.001202