KO (KO)
Daily ERM3 factor decomposition: how much of KO's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $82.53
- Market cap
- $356.0B
- 23-day vol
- 22.9%
- Sector proxy
- XLP
- Subsector proxy
- PBJ
Risk DNA
43% of KO's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 0.0%Sector 43.8%Subsector 0.0%Stock-specific 56.2%
ETF hedge ratios
Dollars of ETF to short per $1 of KO held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLP) | Subsector (PBJ) | Explained risk |
|---|---|---|---|---|
| L1 | $0.04 | — | — | -0.8% |
| L2 | $0.06 | $-0.87 | — | 43.7% |
| L3 | $0.03 | $-0.98 | $0.17 | 42.8% |
Data as of June 12, 2026. Updated daily from the ERM3 pipeline.
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