CRM (CRM)
Daily ERM3 factor decomposition: how much of CRM's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $166.45
- Market cap
- $156.5B
- 23-day vol
- 59.2%
- Sector proxy
- XLK
- Subsector proxy
- IGV
Risk DNA
54% of CRM's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 5.1%Sector 1.3%Subsector 47.1%Stock-specific 46.4%
ETF hedge ratios
Dollars of ETF to short per $1 of CRM 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 | $-0.34 | — | — | 5.1% |
| L2 | $0.39 | $-0.45 | — | 6.4% |
| L3 | $-0.38 | $0.90 | $-1.16 | 53.6% |
Data as of June 12, 2026. Updated daily from the ERM3 pipeline.
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