Applied Materials, Inc. (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
- $377.24
- Market cap
- $301.4B
- 23-day vol
- 49.6%
- Sector proxy
- XLK
- Subsector proxy
- SMH
Risk DNA
66% of AMAT's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
AMAT carries 34% stock-specific risk against a peer average of 65% — less of what happens here is specific to this name than is typical for its cohort.
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 (SMH) | Explained risk |
|---|---|---|---|---|
| L1 | $-2.67 | — | — | 32.0% |
| L2 | $1.07 | $-2.13 | — | 53.9% |
| L3 | $-0.35 | $0.48 | $-1.34 | 65.8% |
Data as of October 24, 2026. Updated daily from the ERM3 pipeline.
13F filers holding AMAT
From the most recent quarterly 13F filings in our tracked filer universe, largest reported position first.
- Coatue Management6.3%
- Lone Pine Capital5.3%
- Tiger Global Management4.9%
- Bridgewater Associates0.9%
- Point72 Asset Management0.7%
- Citadel Advisors0.5%
Browse every tracked 13F filer.
Go deeper on AMAT
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