How Does the Efficiency of a Hedge Change as the Put Option Moves Closer to Expiration?

As a Protective Put option moves closer to expiration, its hedging efficiency can decrease due to the accelerated rate of Theta decay. The option's extrinsic value diminishes rapidly, meaning the premium is quickly being lost.

While the intrinsic value (the protection) remains, the hedge becomes more expensive to maintain on a day-to-day basis, and the total cost of the insurance (premium) is quickly realized. A trader may need to 'roll' the option to a later expiration to maintain the hedge.