CLH (CLH)
Daily ERM3 factor decomposition: how much of CLH's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $301.75
- Market cap
- $15.9B
- 23-day vol
- 19.0%
- Sector proxy
- XLI
- Subsector proxy
- EVX
Risk DNA
33% of CLH's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 4.4%Sector 5.5%Subsector 23.4%Stock-specific 66.7%
ETF hedge ratios
Dollars of ETF to short per $1 of CLH held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLI) | Subsector (EVX) | Explained risk |
|---|---|---|---|---|
| L1 | $-0.55 | — | — | 4.4% |
| L2 | $-0.10 | $-0.49 | — | 9.9% |
| L3 | $-0.10 | $0.16 | $-1.12 | 33.3% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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