COIN (COIN)
Daily ERM3 factor decomposition: how much of COIN's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $160.43
- Market cap
- $43.0B
- 23-day vol
- 71.4%
- Sector proxy
- XLF
- Subsector proxy
- IAI
Risk DNA
40% of COIN's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 26.7%Sector 0.0%Subsector 13.8%Stock-specific 59.5%
ETF hedge ratios
Dollars of ETF to short per $1 of COIN held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLF) | Subsector (IAI) | Explained risk |
|---|---|---|---|---|
| L1 | $-2.94 | — | — | 26.7% |
| L2 | $-2.65 | $-0.39 | — | 26.6% |
| L3 | $-1.67 | $0.61 | $-1.53 | 40.4% |
Data as of June 12, 2026. Updated daily from the ERM3 pipeline.
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