AAPL (AAPL)
Daily ERM3 factor decomposition: how much of AAPL's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $327.74
- Market cap
- $4.81T
- 23-day vol
- 35.3%
- Sector proxy
- XLK
- Subsector proxy
- RSPT
Risk DNA
22% of AAPL's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 20.8%Sector 1.1%Subsector 0.6%Stock-specific 77.6%
ETF hedge ratios
Dollars of ETF to short per $1 of AAPL held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLK) | Subsector (RSPT) | Explained risk |
|---|---|---|---|---|
| L1 | $-0.77 | — | — | 20.8% |
| L2 | $-1.04 | $0.16 | — | 21.8% |
| L3 | $-0.94 | $-0.10 | $0.21 | 22.4% |
Data as of July 22, 2026. Updated daily from the ERM3 pipeline.
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