AMAT (AMAT)
Daily ERM3 factor decomposition: how much of AMAT's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $516.89
- Market cap
- $413.0B
- 23-day vol
- 92.6%
- Sector proxy
- XLK
- Subsector proxy
- SOXX
Risk DNA
67% of AMAT's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 31.5%Sector 16.6%Subsector 19.3%Stock-specific 32.7%
ETF hedge ratios
Dollars of ETF to short per $1 of AMAT held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLK) | Subsector (SOXX) | Explained risk |
|---|---|---|---|---|
| L1 | $-2.29 | — | — | 31.5% |
| L2 | $0.07 | $-1.40 | — | 48.1% |
| L3 | $-1.39 | $1.06 | $-1.07 | 67.3% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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