I was wondering if there might be a simple way to hedge a portfolio with different stocks and options. Suppose I got the following holdings in my portfolio: - long 150 MSFT stocks - short 2 WFC 35 calls - long 45 AAPL - short 3 GLD puts - long 10 BAC 15 calls - ... I know for the stocks I can figure the total beta amount and then hedge them using SPY, and I could make the options delta neutral but that would be expensive and time consuming. Isn't there a more simple way to calculate the total amount I'm correlated with SPY for all the parts in the portfolio? Ideally I would like to hedge my holdings once a week by taking a long or short position in some kind of index. Is this possible or should I hedge every product differently in my portfolio?