How to hedge your portfolio against risk?

Depends on the type of hedge you are looking for - the mass market way would be to rebalance towards other asset classes.
If you are an Accredited Investor with considerable AUM, you can catch the banks with their affluent segment offering (DBS Treasures, HSBC Premier, Citibank Citigold the market names sure are creative) and ask the RM to work with the derivatives desk to build some structured product customized to your portfolio to give you the hedge you want...

Easiest way is via put options. This will only work in countries where there is an active options market like in the US.

Local sg context perhaps via bonds or a bond Etf to balance out the risk