JPM (JPM)
Daily ERM3 factor decomposition: how much of JPM's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $345.23
- Market cap
- $925.0B
- 23-day vol
- 21.8%
- Sector proxy
- XLF
- Subsector proxy
- KBE
Risk DNA
59% of JPM's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 20.3%Sector 39.1%Subsector 0.0%Stock-specific 40.5%
ETF hedge ratios
Dollars of ETF to short per $1 of JPM held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLF) | Subsector (KBE) | Explained risk |
|---|---|---|---|---|
| L1 | $-0.73 | — | — | 20.5% |
| L2 | $0.05 | $-1.21 | — | 60.0% |
| L3 | $0.06 | $-1.18 | $-0.03 | 59.1% |
Data as of July 22, 2026. Updated daily from the ERM3 pipeline.
Go deeper on JPM
Ask the AI risk analyst for JPM's full history, peer comparison, or how it changes your portfolio's risk.