NUE (NUE)
Daily ERM3 factor decomposition: how much of NUE's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $247.86
- Market cap
- $56.4B
- 23-day vol
- 33.7%
- Sector proxy
- XLB
- Subsector proxy
- XME
Risk DNA
30% of NUE's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 13.9%Sector 17.4%Subsector 0.0%Stock-specific 68.7%
ETF hedge ratios
Dollars of ETF to short per $1 of NUE held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLB) | Subsector (XME) | Explained risk |
|---|---|---|---|---|
| L1 | $-1.15 | — | — | 14.2% |
| L2 | $-0.48 | $-0.88 | — | 32.0% |
| L3 | $-0.32 | $-0.76 | $-0.15 | 29.6% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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