BSX (BSX)
Daily ERM3 factor decomposition: how much of BSX's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $45.51
- Market cap
- $67.6B
- 23-day vol
- 32.8%
- Sector proxy
- XLV
- Subsector proxy
- IHI
Risk DNA
31% of BSX's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 0.0%Sector 4.8%Subsector 26.8%Stock-specific 68.4%
ETF hedge ratios
Dollars of ETF to short per $1 of BSX held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLV) | Subsector (IHI) | Explained risk |
|---|---|---|---|---|
| L1 | $-0.15 | — | — | -0.6% |
| L2 | $0.06 | $-0.66 | — | 4.2% |
| L3 | $0.34 | $0.07 | $-1.03 | 31.2% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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