ADBE (ADBE)
Daily ERM3 factor decomposition: how much of ADBE's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $237.75
- Market cap
- $94.9B
- 23-day vol
- 47.9%
- Sector proxy
- XLK
- Subsector proxy
- IGV
Risk DNA
41% of ADBE's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 2.4%Sector 0.8%Subsector 37.3%Stock-specific 59.5%
ETF hedge ratios
Dollars of ETF to short per $1 of ADBE held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLK) | Subsector (IGV) | Explained risk |
|---|---|---|---|---|
| L1 | $-0.38 | — | — | 2.4% |
| L2 | $-0.86 | $0.28 | — | 3.2% |
| L3 | $-0.91 | $0.89 | $-0.83 | 40.5% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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