Hedged equity comes in various flavors. In November, many alternative investors gave thanks to, of all things, positive correlation to the stock market. By the time the last turkey croquette was consumed, our spectrum of alt ETFs had earned a median total return of 1.4% with a middling .71 correlation coefficient. Four alt portfolios outdid the 5.6% gain netted by the SPDR S&P 500 Trust (SPY) in November.