Contrast the deltas of a covered call and a protective put with that of an asset held long and hedged by a short forward

Long asset plus short forward has delta 1 − 1 = 0: fully hedged, with neither upside nor downside. A covered call has delta 1 − Δc; with call delta between 0 and 1, the net lies between 0 and 1, so Δc = 0.6 gives 0.4. A protective put has delta 1 + Δp, with Δp between −1 and 0, so Δp = −0.3 gives 0.7. Both option positions sit between the unhedged asset and the forward hedge, but their deltas move oppositely: as the price rises, the covered call's delta falls towards zero while the protective put's climbs towards one. The error to avoid is treating a covered call like a forward hedge; it only partly reduces exposure.