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
- $295.63
- Market cap
- $4.38T
- 23-day vol
- 22.2%
- Sector proxy
- XLK
- Subsector proxy
- RSPT
Risk DNA
27% of AAPL's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 25.9%Sector 0.3%Subsector 0.4%Stock-specific 73.3%
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 | $-0.86 | — | — | 25.9% |
| L2 | $-1.17 | $0.19 | — | 26.2% |
| L3 | $-1.10 | $-0.04 | $0.19 | 26.7% |
Data as of June 12, 2026. Updated daily from the ERM3 pipeline.
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