LITTLE KNOWN FACTS ABOUT PNL.

Should you hedge every moment, you wouldn't notice the complete pnl with the greater SD moves but you do capture the total pnl of the lesser intraday moves. Conversely, if you only hedge once on a daily basis, you won't realize the complete pnl in the scaled-down intraday moves (like inside your case in point) but you'll in return know the full pnl