BHF (BHF)
Daily ERM3 factor decomposition: how much of BHF's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $63.16
- Market cap
- $3.6B
- 23-day vol
- 13.6%
- Sector proxy
- XLF
- Subsector proxy
- KIE
Risk DNA
4% of BHF's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 0.0%Sector 2.9%Subsector 2.6%Stock-specific 94.4%
ETF hedge ratios
Dollars of ETF to short per $1 of BHF held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLF) | Subsector (KIE) | Explained risk |
|---|---|---|---|---|
| L1 | $-0.05 | — | — | -2.0% |
| L2 | $0.42 | $-0.74 | — | 1.0% |
| L3 | $0.27 | $-0.43 | $-0.34 | 3.6% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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