PDD (PDD)
Daily ERM3 factor decomposition: how much of PDD's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $84.85
- Market cap
- $120.8B
- 23-day vol
- 40.1%
- Sector proxy
- XLY
- Subsector proxy
- XRT
Risk DNA
16% of PDD's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 16.7%Sector 0.0%Subsector 0.0%Stock-specific 83.3%
ETF hedge ratios
Dollars of ETF to short per $1 of PDD held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLY) | Subsector (XRT) | Explained risk |
|---|---|---|---|---|
| L1 | $-1.13 | — | — | 16.9% |
| L2 | $-1.32 | $0.16 | — | 16.0% |
| L3 | $-1.32 | $0.19 | $-0.04 | 15.7% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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