CCI (CCI)
Daily ERM3 factor decomposition: how much of CCI's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $74.13
- Market cap
- $32.2B
- 23-day vol
- 37.4%
- Sector proxy
- XLRE
- Subsector proxy
- VNQ
Risk DNA
47% of CCI's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 0.0%Sector 40.3%Subsector 6.8%Stock-specific 53.0%
ETF hedge ratios
Dollars of ETF to short per $1 of CCI held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLRE) | Subsector (VNQ) | Explained risk |
|---|---|---|---|---|
| L1 | $0.08 | — | — | 0.0% |
| L2 | $0.44 | $-1.25 | — | 40.3% |
| L3 | $0.31 | $-2.84 | $1.82 | 47.0% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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