APP (APP)
Daily ERM3 factor decomposition: how much of APP's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $412.73
- Market cap
- $138.8B
- 23-day vol
- 75.4%
- Sector proxy
- XLC
- Subsector proxy
- FDN
Risk DNA
24% of APP's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 13.4%Sector 1.7%Subsector 9.2%Stock-specific 75.7%
ETF hedge ratios
Dollars of ETF to short per $1 of APP held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLC) | Subsector (FDN) | Explained risk |
|---|---|---|---|---|
| L1 | $-2.07 | — | — | 13.4% |
| L2 | $-1.53 | $-0.75 | — | 15.1% |
| L3 | $-0.06 | $-0.24 | $-1.53 | 24.3% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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