The maths behind the Hedgerow analysis is given below.

Where

• σ_p is the portfolio variance,
• W_i is the weight assigned to asset i,
• σ_i is the variance of asset i,
• σ_(i,j) is the covariance of assets i and j,
• μ_p is the portfolio return,
• and μ_i is the average daily adjusted return for asset i.