HPE (HPE)
Daily ERM3 factor decomposition: how much of HPE's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $48.19
- Market cap
- $63.8B
- 23-day vol
- 63.9%
- Sector proxy
- XLK
- Subsector proxy
- IDGT
Risk DNA
31% of HPE's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 21.9%Sector 6.6%Subsector 2.2%Stock-specific 69.3%
ETF hedge ratios
Dollars of ETF to short per $1 of HPE held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLK) | Subsector (IDGT) | Explained risk |
|---|---|---|---|---|
| L1 | $-1.69 | — | — | 21.9% |
| L2 | $-0.19 | $-0.89 | — | 28.5% |
| L3 | $-0.25 | $-0.55 | $-0.44 | 30.7% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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