Hey Eric,
There are many ways to hedge a portfolio and it'll depend on what you are hedging against. For example, if you are just looking to hedge against a market sell off, then typically gold has proven to be a good hedge against uncertainty. Outside of that, it'll depend on what caused the selloff. The last 3 market crashes, COVID, '08 Financial Crisis and Dot.com bubble from the early 2000s all had different catalysts and in each case, a different sector outperformed - so its not as easy as it looks.
If however, you are looking to hedge against something specific like rising oil prices - while still complicated, it is easier to answer. With that in mind, what exactly are you looking to hedge against ?
Mat