HAL (HAL)
Daily ERM3 factor decomposition: how much of HAL's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $32.13
- Market cap
- $26.9B
- 23-day vol
- 34.5%
- Sector proxy
- XLE
- Subsector proxy
- XES
Risk DNA
63% of HAL's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 0.0%Sector 54.1%Subsector 10.1%Stock-specific 35.8%
ETF hedge ratios
Dollars of ETF to short per $1 of HAL held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLE) | Subsector (XES) | Explained risk |
|---|---|---|---|---|
| L1 | $-0.08 | — | — | -1.9% |
| L2 | $-0.25 | $-0.82 | — | 53.2% |
| L3 | $0.42 | $-0.34 | $-0.71 | 63.5% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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