PFE (PFE)
Daily ERM3 factor decomposition: how much of PFE's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $24.67
- Market cap
- $140.6B
- 23-day vol
- 22.5%
- Sector proxy
- XLV
- Subsector proxy
- XPH
Risk DNA
32% of PFE's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 1.0%Sector 31.3%Subsector 0.1%Stock-specific 67.7%
ETF hedge ratios
Dollars of ETF to short per $1 of PFE held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLV) | Subsector (XPH) | Explained risk |
|---|---|---|---|---|
| L1 | $-0.39 | — | — | 1.0% |
| L2 | $-0.17 | $-0.71 | — | 32.2% |
| L3 | $-0.05 | $-0.61 | $-0.19 | 32.3% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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