IQV (IQV)
Daily ERM3 factor decomposition: how much of IQV's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $213.22
- Market cap
- $35.6B
- 23-day vol
- 39.6%
- Sector proxy
- XLV
- Subsector proxy
- IHI
Risk DNA
25% of IQV's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 9.3%Sector 15.8%Subsector 0.3%Stock-specific 74.6%
ETF hedge ratios
Dollars of ETF to short per $1 of IQV held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLV) | Subsector (IHI) | Explained risk |
|---|---|---|---|---|
| L1 | $-0.72 | — | — | 9.3% |
| L2 | $-0.46 | $-0.81 | — | 25.1% |
| L3 | $-0.33 | $-0.48 | $-0.47 | 25.4% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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