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
- $175.85
- Market cap
- $46.3B
- 23-day vol
- 64.8%
- Sector proxy
- XLF
- Subsector proxy
- IAI
Risk DNA
39% of COIN's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 28.5%Sector 0.4%Subsector 10.5%Stock-specific 60.5%
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 | $-2.76 | — | — | 28.5% |
| L2 | $-2.50 | $-0.40 | — | 29.0% |
| L3 | $-1.26 | $0.76 | $-1.86 | 39.5% |
Data as of July 22, 2026. Updated daily from the ERM3 pipeline.
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