I realize this is a pretty basic question and requires some homework - but I'm just looking for a bit of general guidance here. Are there certain sectors or industries that typically have an inverse relationship to the SP500? Are there certain stocks you follow that don't correlate with the SP? I'm looking for liquid US equity issues to diversify or use as an SP500 hedge (aside from the inverse ETFs or Ultrashorts). Any input is appreciated, just looking for a nudge in the right direction.