The attached sheet is submitted for feedback purposes and carries no warranty I calculated a cross-hedge beta with the SPY using closing prices from 3/3 to 10/3 of 2008. In some cases, the number is close to what I find on Yahoo!'s 'Key Statistics' page for the stocks and in other cases it seems pretty different. Insight into what I should be using for intra-day hedges would be appreciated. I realize that I should probably expand this into using sector ETFs to be more precise. Sometimes I feel like when trading a stock I might as well be trading the SP500 itself, they often move so closely together. The idea for using this sheet is this: - You have one or more positions reflecting views about the specific stock(s) - You want to remove effects from changes in the overall market - You put in stocks, position sizes, prices (yellow cells) into the sheet - You get back the position in the SPY you should take in order to make your portfolio "market neutral" (green cell) Please take a look and give me some feedback if possible. Thank you.