BURL (BURL)
Daily ERM3 factor decomposition: how much of BURL's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $358.01
- Market cap
- $22.5B
- 23-day vol
- 33.8%
- Sector proxy
- XLY
- Subsector proxy
- XRT
Risk DNA
13% of BURL's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 9.4%Sector 1.3%Subsector 2.6%Stock-specific 86.7%
ETF hedge ratios
Dollars of ETF to short per $1 of BURL held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLY) | Subsector (XRT) | Explained risk |
|---|---|---|---|---|
| L1 | $-1.04 | — | — | 9.4% |
| L2 | $-0.33 | $-0.59 | — | 10.8% |
| L3 | $-0.30 | $0.13 | $-0.94 | 13.3% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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