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
- $544.43
- Market cap
- $887.4B
- 23-day vol
- 72.9%
- Sector proxy
- XLK
- Subsector proxy
- SMH
Risk DNA
51% of AMD's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 27.7%Sector 17.4%Subsector 6.0%Stock-specific 48.9%
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 | $-3.20 | — | — | 27.7% |
| L2 | $-0.26 | $-1.74 | — | 45.1% |
| L3 | $-1.28 | $0.14 | $-0.93 | 51.1% |
Data as of July 22, 2026. Updated daily from the ERM3 pipeline.
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