Hy,would appreciate some help on this topic.I have to estimate the beta of a portfolio of international stocks vs s&p 500 to implement an efficient hedge.that's the method I followed:1) I built 4 main buckets (essentially 4 sub-portfolios of Us, Euro, UK and Swiss stocks: the main markets I am exposed to)2) I compute the 4 portfolios beta vs the appropriate underlying index (ex: Swiss portfolio beta vs SMI)3) Then I estimate a correlation matrix between the 4 underlyng indices(correlatione between s&P and eurostoxx, FTSE and SMI)4) From indices variance and covariances I computed the indices betas vs s&P Index (COV(S&P,INDEX)/VAR(INDEX))5) I multiply the wheighted portfolios betas (found in point 2) by the wheighted indices market betas (point 4) and sum them up to get the overall portfolio beta vs S&P500. Is this correct? Are there other and best methods ?Thanks to all.

Possible that no one can help?

why not compute for beta of your whole portfolio against S&P500 straight?

Probably right, but according to me too much basis risk.. why can't you use own market futures?? And about FX risk?