CMS (CMS)
Daily ERM3 factor decomposition: how much of CMS's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $74.37
- Market cap
- $23.0B
- 23-day vol
- 20.0%
- Sector proxy
- XLU
- Subsector proxy
- VPU
Risk DNA
67% of CMS's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 0.0%Sector 67.2%Subsector 0.0%Stock-specific 32.8%
ETF hedge ratios
Dollars of ETF to short per $1 of CMS held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLU) | Subsector (VPU) | Explained risk |
|---|---|---|---|---|
| L1 | $0.12 | — | — | -0.2% |
| L2 | $0.27 | $-0.94 | — | 67.5% |
| L3 | $0.27 | $-0.93 | $-0.02 | 66.9% |
Data as of July 29, 2026. Updated daily from the ERM3 pipeline.
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