MDB (MDB)
Daily ERM3 factor decomposition: how much of MDB's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $309.71
- Market cap
- $24.9B
- 23-day vol
- 61.6%
- Sector proxy
- XLK
- Subsector proxy
- IGV
Risk DNA
29% of MDB's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 8.0%Sector 2.4%Subsector 18.9%Stock-specific 70.8%
ETF hedge ratios
Dollars of ETF to short per $1 of MDB held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLK) | Subsector (IGV) | Explained risk |
|---|---|---|---|---|
| L1 | $-1.54 | — | — | 8.0% |
| L2 | $-0.79 | $-0.45 | — | 10.3% |
| L3 | $-0.86 | $0.34 | $-1.07 | 29.2% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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