CNC (CNC)
Daily ERM3 factor decomposition: how much of CNC's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $64.08
- Market cap
- $31.6B
- 23-day vol
- 39.6%
- Sector proxy
- XLV
- Subsector proxy
- IHF
Risk DNA
36% of CNC's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 0.0%Sector 7.1%Subsector 28.8%Stock-specific 64.2%
ETF hedge ratios
Dollars of ETF to short per $1 of CNC held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLV) | Subsector (IHF) | Explained risk |
|---|---|---|---|---|
| L1 | $-0.43 | — | — | -0.1% |
| L2 | $-0.23 | $-0.65 | — | 7.0% |
| L3 | $0.09 | $0.11 | $-1.30 | 35.8% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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