NUVB (NUVB)
Daily ERM3 factor decomposition: how much of NUVB's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $6.66
- Market cap
- $2.3B
- 23-day vol
- 66.1%
- Sector proxy
- XLV
- Subsector proxy
- XBI
Risk DNA
11% of NUVB's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 5.3%Sector 1.1%Subsector 4.6%Stock-specific 89.0%
ETF hedge ratios
Dollars of ETF to short per $1 of NUVB held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLV) | Subsector (XBI) | Explained risk |
|---|---|---|---|---|
| L1 | $-1.88 | — | — | 5.3% |
| L2 | $-1.64 | $-0.76 | — | 6.4% |
| L3 | $-0.74 | $-0.19 | $-1.07 | 11.0% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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