The desk uses highly liquid S&P 500 futures to cross-hedge a high-yield bond portfolio, as they normally have a strong positive correlation. During a recent market crash, both equities and HY bonds plummeted, causing the hedge to fail and the portfolio to breach all stop-loss limits. As a risk manager, what did the previous limit framework miss, and what quantitative metrics would you modify going forward?

交易员一直用流动性极好的标普500指数期货去交叉对冲（Cross-hedge）高收益债券组合。平时两者呈高度正相关。但在近期的市场大暴跌中，股票和高收益债双双熔断，对冲不仅失效，还导致组合穿透了所有止损限额。作为风险经理，你认为之前的限额体系漏掉了什么？接下来你会做哪些量化指标的修改？