AMD (AMD)
Daily ERM3 factor decomposition: how much of AMD's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $511.57
- Market cap
- $843.6B
- 23-day vol
- 75.6%
- Sector proxy
- XLK
- Subsector proxy
- SMH
Risk DNA
46% of AMD's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 23.8%Sector 15.0%Subsector 7.0%Stock-specific 54.3%
ETF hedge ratios
Dollars of ETF to short per $1 of AMD 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 | $-2.50 | — | — | 23.8% |
| L2 | $0.58 | $-1.92 | — | 38.7% |
| L3 | $-0.16 | $-0.22 | $-0.92 | 45.7% |
Data as of June 13, 2026. Updated daily from the ERM3 pipeline.
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