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
- $250.61
- Market cap
- $781.9B
- 23-day vol
- 31.6%
- Sector proxy
- XLV
- Subsector proxy
- XPH
Risk DNA
38% of JNJ's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 0.0%Sector 38.6%Subsector 0.0%Stock-specific 61.4%
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 | $0.09 | — | — | -0.6% |
| L2 | $0.34 | $-0.76 | — | 38.4% |
| L3 | $0.40 | $-0.70 | $-0.09 | 38.0% |
Data as of July 22, 2026. Updated daily from the ERM3 pipeline.
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