How do you credit PMs hedge your portfolio

I am curious what credit PMs out there do to effectively hedge, at a portfolio-level, a primarily long corp HY and LL book.  Are you buying CDX HY or IG?  Equity index shorts?  S&P puts?  What I have in mind is something that's liquid, won't quickly decay in value in low vol environments, and sized to under 500 bps of the book.  The idea is not burn a hole in carry but able to offset losses in super weak moments like in March and Dec '18.