There are many financial situations in which investors care about joint occurrences, such as when: 1) a manager is evaluated against both an absolute target and a relative target; 2) an investor seeks protection from currency losses only when they coincide with unfavorable returns from the underlying portfolio; and 3) an investor wishes to structure an incentive fee that is conditioned on the simultaneous attainment of two objectives. Conventional approaches to risk containment assume implicitly that investor utility depends on a single random variable, and that risk is defined as the variability of this random variable. Investor behavior suggests, however, that investors care about multiple dimensions of risk. This article develops a risk containment model in which investor utility is explicitly contingent on more than one random variable. The framework offers option-based hedging strategies that protect investors from the joint occurrence of negative outcomes. The model is also applied to incentive fees that are conditioned on more than one measure of performance. Finally, we combine these notions in order to engineer a hybrid collar that sacrifices concurrent favorable outcomes to finance protection from concurrent negative outcomes.