CRS (CRS)
Daily ERM3 factor decomposition: how much of CRS's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $580.25
- Market cap
- $28.8B
- 23-day vol
- 41.2%
- Sector proxy
- XLB
- Subsector proxy
- XME
Risk DNA
13% of CRS's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 13.1%Sector 1.0%Subsector 0.0%Stock-specific 85.9%
ETF hedge ratios
Dollars of ETF to short per $1 of CRS held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLB) | Subsector (XME) | Explained risk |
|---|---|---|---|---|
| L1 | $-1.45 | — | — | 13.3% |
| L2 | $-0.94 | $-0.68 | — | 14.2% |
| L3 | $-0.82 | $-0.59 | $-0.11 | 13.0% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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