Gilead Sciences, Inc. (GILD)
Daily ERM3 factor decomposition: how much of GILD's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $146.12
- Market cap
- $181.5B
- 23-day vol
- 27.6%
- Sector proxy
- XLV
- Subsector proxy
- XPH
Risk DNA
23% of GILD's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
GILD carries 75% stock-specific risk against a peer average of 84% — less of what happens here is specific to this name than is typical for its cohort.
Subsector (-2.2%) covaried negatively with GILD 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 GILD held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLV) | Subsector (XPH) | Explained risk |
|---|---|---|---|---|
| L1 | $-0.17 | — | — | 1.1% |
| L2 | $0.09 | $-0.90 | — | 25.1% |
| L3 | $0.16 | $-0.86 | $-0.08 | 22.8% |
Data as of August 22, 2026. Updated daily from the ERM3 pipeline.
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