JNJ (JNJ)
Daily ERM3 factor decomposition: how much of JNJ's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $238.33
- Market cap
- $581.3B
- 23-day vol
- 20.6%
- Sector proxy
- XLV
- Subsector proxy
- XPH
Risk DNA
31% of JNJ's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 0.0%Sector 32.0%Subsector 0.0%Stock-specific 68.0%
ETF hedge ratios
Dollars of ETF to short per $1 of JNJ held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLV) | Subsector (XPH) | Explained risk |
|---|---|---|---|---|
| L1 | $-0.07 | — | — | -0.1% |
| L2 | $0.24 | $-0.69 | — | 32.2% |
| L3 | $0.26 | $-0.67 | $-0.03 | 31.5% |
Data as of June 12, 2026. Updated daily from the ERM3 pipeline.
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