effective beta and hedge future performance

Kindly explain calcitonin of yield beta, performance of a hedged equity position and interpretation.

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yield beta, like all beta calcs are the cov(x,y)VarY

yield beta shows the change in the foreign yield for a change in the domestic yield. Think how much GBP will change given a change in USD for an american investor. The calc, via the book, just substitutes correlation instead of cov

=corr(delta yield foreign, delta yield domestic) X (foregin standard dev/domestic standard dev)

the performance of a fully hedged equity position should be equal to the risk free rate

My question is in relation to equity future contracts