CEG (CEG)
Daily ERM3 factor decomposition: how much of CEG's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $270.00
- Market cap
- $97.7B
- 23-day vol
- 37.8%
- Sector proxy
- XLU
- Subsector proxy
- PBW
Risk DNA
37% of CEG's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 14.5%Sector 21.0%Subsector 1.2%Stock-specific 63.3%
ETF hedge ratios
Dollars of ETF to short per $1 of CEG held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLU) | Subsector (PBW) | Explained risk |
|---|---|---|---|---|
| L1 | $-1.46 | — | — | 14.5% |
| L2 | $-1.27 | $-1.20 | — | 35.6% |
| L3 | $-0.63 | $-1.25 | $-0.27 | 36.7% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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