LIVN (LIVN)
Daily ERM3 factor decomposition: how much of LIVN's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $80.58
- Market cap
- $4.4B
- 23-day vol
- 28.1%
- Sector proxy
- XLV
- Subsector proxy
- IHI
Risk DNA
27% of LIVN's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 13.5%Sector 4.5%Subsector 9.3%Stock-specific 72.7%
ETF hedge ratios
Dollars of ETF to short per $1 of LIVN 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 | $-0.95 | — | — | 13.5% |
| L2 | $-0.76 | $-0.62 | — | 18.0% |
| L3 | $-0.57 | $-0.13 | $-0.69 | 27.3% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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