Need some ES comments

["cwest" <cwest@xxxxxxxxxxxx>]

I want to mix my hedges to include ES. Here's what I understand, and I'd
appreciate any comments. For example,

ES closed at 1029.25 (Tuesday)
A tick is .25, and a tick value is $12.50.
Therefore, the notional of 1 ES contract is $51,462.50

Assuming relative volatility or beta is taken into account to determine
an adjusted portfolio capitalization or value, for each $1 million of
short-sold stock, the number of ES contracts to neutralize value (for
today) would be 20 (19.43 actually).

Thanks in advance
Colin West