IDA (IDA)
Daily ERM3 factor decomposition: how much of IDA's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $148.64
- Market cap
- $8.2B
- 23-day vol
- 21.9%
- Sector proxy
- XLU
- Subsector proxy
- VPU
Risk DNA
54% of IDA's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 0.0%Sector 54.8%Subsector 0.0%Stock-specific 45.2%
ETF hedge ratios
Dollars of ETF to short per $1 of IDA held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLU) | Subsector (VPU) | Explained risk |
|---|---|---|---|---|
| L1 | $-0.02 | — | — | -1.4% |
| L2 | $0.12 | $-0.85 | — | 54.4% |
| L3 | $0.12 | $-0.76 | $-0.10 | 53.9% |
Data as of July 29, 2026. Updated daily from the ERM3 pipeline.
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