CF Industries Holdings, Inc. (CF)
Daily ERM3 factor decomposition: how much of CF's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $118.56
- Market cap
- $18.2B
- 23-day vol
- 24.5%
- Sector proxy
- XLB
- Subsector proxy
- IYM
Risk DNA
13% of CF's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
CF carries 87% stock-specific risk against a peer average of 76% — more of what happens here is specific to this name than is typical for its cohort.
ETF hedge ratios
Dollars of ETF to short per $1 of CF held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLB) | Subsector (IYM) | Explained risk |
|---|---|---|---|---|
| L1 | $1.12 | — | — | 7.5% |
| L2 | $1.49 | $-0.51 | — | 13.0% |
| L3 | $1.62 | $-0.11 | $-0.45 | 13.0% |
Data as of October 23, 2026. Updated daily from the ERM3 pipeline.
13F filers holding CF
From the most recent quarterly 13F filings in our tracked filer universe, largest reported position first.
Browse every tracked 13F filer.
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