The Globe and Mail attempts to identify stocks that might provide a bit of protection if markets fall but can perform well in better times in its Wednesday, April 24, edition. The Globe's Michael Bowman writes in the Number Cruncher column that such stocks are of interest today because the S&P/TSX composite has dipped about 6.5 per cent in the past couple of months and many investors are looking for a cushion against further losses without sacrificing the possibility of additional gains. Mr. Bowman says one way to measure the volatility of a stock against the broad market index is called "beta." Stocks with high beta tend to move more than the market. Stocks with low beta are more stable than the overall benchmark. Mr. Bowman looked for TSX stocks that have higher betas when the market is going up ("bull beta"), coupled with a lower beta when the market is going down ("bear beta"). Mr. Bowman only considered firms with a market capitalization greater than $1-billion and with an ideal mix of high and low beta. Stocks that mix downside protection and upside potential are Jean Coutu Group, Emera, Fortis, Cineplex, Northland Power, Canadian National Railway and Shoppers Drug Mart.