The correction in the market over the last two days was not all that significant if looking at SPY but several growth stocks got hit pretty bad. We're talking 5% corrections versus about 1.5% in the index. Has anyone found a good way to hedge against market corrections in growth stocks? I've looked at options but the premiums don't justify it, at least purchasing vanilla puts near the money. Also Gold and the Japenese yen did not have significant reactions either although they did see somewhat of a safe haven bid. I haven't looked at volatility instruments (VXY / SVY). The reason I ask is because I tried to hedge by shorting weak stocks and weak global indices but these did not decline much at all (similar to SPY). In some cases, they went up a little.
I've looked into buying puts but the premium makes the trade not worthwhile taking. I can look at some more complex option strategies but thought I'd check to see if maybe someone else has a better way to do it.