HHH (HHH)
Daily ERM3 factor decomposition: how much of HHH's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $65.95
- Market cap
- $3.9B
- 23-day vol
- 27.7%
- Sector proxy
- XLRE
- Subsector proxy
- ITB
Risk DNA
28% of HHH's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 12.8%Sector 11.8%Subsector 3.8%Stock-specific 71.6%
ETF hedge ratios
Dollars of ETF to short per $1 of HHH held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLRE) | Subsector (ITB) | Explained risk |
|---|---|---|---|---|
| L1 | $-0.72 | — | — | 12.8% |
| L2 | $-0.53 | $-0.67 | — | 24.5% |
| L3 | $-0.50 | $-0.48 | $-0.19 | 28.4% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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