Cash is the only true hedge: Any Other Hedge is just another position.
Hide in money markets is 95% hedging your gains with minimal downside risk yet possibly enjoying some upside in interest gain 2-3%.
Staying in investment grade bonds is akin to 80% hedging your gains for higher interest 2-4% but subjected to interest rate risk as we are in a rising rates period.
But if you are still holding onto equity now, and want to lock in profits without selling your holdings, short a portion of your holding maybe to protect against downside I guess.
nice addon from marginofsafety: https://www.investingnote.com/comments/155440
Investing is a lifelong process imo. Your CAGR is calculated based on how much you started with and how much you end up with.
Say you target a return of 10%. In order to reach it, there will surely be periods where you underperform and outperform the 10%. Trying to hedge only when you hit your target will cap the returns you get and it probably will reduce your returns in the long run.