Salesforce, Inc. (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
- $243.00
- Market cap
- $199.0B
- 23-day vol
- 82.6%
- Sector proxy
- XLK
- Subsector proxy
- IGV
Risk DNA
57% of CRM's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
CRM carries 41% stock-specific risk against a peer average of 75% — less of what happens here is specific to this name than is typical for its cohort.
Sector (-3.4%) covaried negatively with CRM over this window, offsetting its variance rather than adding to it. Clamped to 0% for the bar and the remaining layers renormalized, so the percentages above sum to 100.
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 | $-0.08 | — | — | 0.6% |
| L2 | $-1.35 | $0.73 | — | -2.9% |
| L3 | $-1.21 | $1.33 | $-0.94 | 57.2% |
Data as of September 11, 2026. Updated daily from the ERM3 pipeline.
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