AVGO (AVGO)
Daily ERM3 factor decomposition: how much of AVGO's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $385.57
- Market cap
- $1.88T
- 23-day vol
- 66.0%
- Sector proxy
- XLK
- Subsector proxy
- SMH
Risk DNA
49% of AVGO's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 31.5%Sector 17.2%Subsector 0.1%Stock-specific 51.2%
ETF hedge ratios
Dollars of ETF to short per $1 of AVGO 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 | $-1.89 | — | — | 31.5% |
| L2 | $-0.09 | $-1.12 | — | 48.7% |
| L3 | $-0.38 | $-0.47 | $-0.35 | 48.8% |
Data as of June 12, 2026. Updated daily from the ERM3 pipeline.
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