This chapter examines strategies for managing systematic risk in high-yield credit portfolios. It highlights the limitations of traditional approaches, such as shorting high-yield index credit default swaps, due to basis risk between cash and synthetic markets during stress periods. Instead, it demonstrates the effectiveness of equity index derivatives in hedging high-yield portfolios, particularly a combination of equity futures and put options, which effective reduces hedging cost compared to a pure equity futures overlay. The study underscores that equity futures and options offer effective hedging reliability, particularly during volatile market conditions when effective hedging is most important. Cross-asset instruments offer effective hedging ability due to the strong linkage between high-yield bonds and synthetic equity markets. It illustrates refining hedging strategies with additional economic indicators to enhance accuracy and flexibility.