CPAY (CPAY)
Daily ERM3 factor decomposition: how much of CPAY's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $379.71
- Market cap
- $25.1B
- 23-day vol
- 33.5%
- Sector proxy
- XLK
- Subsector proxy
- IGV
Risk DNA
16% of CPAY's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 11.1%Sector 3.2%Subsector 2.2%Stock-specific 83.5%
ETF hedge ratios
Dollars of ETF to short per $1 of CPAY held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLK) | Subsector (IGV) | Explained risk |
|---|---|---|---|---|
| L1 | $-1.07 | — | — | 11.1% |
| L2 | $-1.72 | $0.39 | — | 14.2% |
| L3 | $-1.74 | $0.56 | $-0.23 | 16.5% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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