You Are Hedging a Spot Position with Futures

Multiple Choice

You are hedging a spot position with futures. If the spot asset is less volatile than the futures, and there is basis risk, which of the following is surely false:

A) The minimum-variance hedge ratio is greater than 1.
B) The minimum-variance hedge ratio is less than or equal to 1.
C) The minimum-variance hedge ratio is negative.
D) The minimum-variance hedge ratio is not equal to 1.