the OLS hedge ratios calculated as described in the previous section are found in Table 6. The hedge ratio ranged from 0.109 for lean hogs to 1.032 for wheat. The naive hedge ratio would have performed similar to the OLS hedge ratio for gold, wheat, corn, and soybean meal because the OLS hedge ratio is close to one; however, the naive hedge ratio but would have performed relatively poorly for feeder cattle, live cattle and lean hogs. This indicates that caution must be taken when using the naive hedge ratio.