@article {Koutmos63, author = {Gregory Koutmos and Andreas Pericli}, title = {Are Multiple Hedging Instruments Better than One?}, volume = {26}, number = {2}, pages = {63--70}, year = {2000}, doi = {10.3905/jpm.2000.319743}, publisher = {Institutional Investor Journals Umbrella}, abstract = {The authors examine the effectiveness of the ten{\textendash}year, the five{\textendash}year, and the two{\textendash}year treasury note futures contracts in hedging the price risk of fixed{\textendash}rate mortgage{\textendash}backed securities. The ten{\textendash}year treasury note futures contract offers superior hedging opportunities across all six coupon MBS examined. Using multiple instruments simultaneously results in minor improvements with{\textendash}in sample. In out of{\textendash}sample experiments, however, the use of a single instrument provides better hedging performance than the use of multiple instruments.}, issn = {0095-4918}, URL = {https://jpm.pm-research.com/content/26/2/63}, eprint = {https://jpm.pm-research.com/content/26/2/63.full.pdf}, journal = {The Journal of Portfolio Management} }