This paper estimates the optimal hedging ratio and examines the hedging effectivenessusingMinimum-RiskmethodinHang Seng IndexFutures，S&P500Index Futures，Nikkei225StockIndexFutures andChina 300IndexFuturesmarket.Wemeasured hedging ratiousing four different models:(i)theOLSmethod，(ii)VAR，(iii)VECMand()DCC-MVGARCH. Theresults shownthatthehedgeratiois greaterestimatedbyVECMthanothermodels. But we found no evidence to suggest that complex econometric models such as DCC-MVGARCH can improvehedgingeffectiveness ona simpleOLS，VARandVECMforestimatingthis hedgeratio.