CRCL (CRCL)
Daily ERM3 factor decomposition: how much of CRCL's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $65.67
- Market cap
- $16.3B
- 23-day vol
- 100.2%
- Sector proxy
- XLF
- Subsector proxy
- IAI
Risk DNA
11% of CRCL's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 7.9%Sector 0.0%Subsector 3.5%Stock-specific 88.6%
ETF hedge ratios
Dollars of ETF to short per $1 of CRCL 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 | $-2.73 | — | — | 8.0% |
| L2 | $-2.68 | $-0.07 | — | 7.7% |
| L3 | $-1.35 | $1.17 | $-2.00 | 11.2% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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