Which of the following statements is correct? The optimal hedge ratio is always equal to 1 if changes in the spot price are perfectly positively correlated with changes in the futures price The optimal hedge ratio is chosen to minimize the variance of the hedged position The optimal hedge ratio is always less than 1 if the hedge is not perfect When using index futures to hedge an equity portfolio, the optimal hedge ratio is always lower than the beta of the portfolio None of the other statements is correct