The minimum variance hedge ratio is effectively the beta between the asset to be hedged and the asset used as a hedge, calculated as [correlation between the hedge and the asset to be hedged x volatility of the asset to be hedged/volatility of the hedge].The effectiveness of the hedge depends upon the correlation between the two, ie the asset to be hedged and the hedge. The minimum variance hedge ratio can be 1.0 even in situations where the correlation between the asset and the hedge is low, and as such does not mean much unless we know the hedge effectiveness (ie, the correlation).

It is therefore not possible to draw any certain conclusions based on the minimum variance hedge ratio alone. IV therefore is the only correct answer.