PGR (PGR)
Daily ERM3 factor decomposition: how much of PGR's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $215.76
- Market cap
- $126.1B
- 23-day vol
- 46.1%
- Sector proxy
- XLF
- Subsector proxy
- KIE
Risk DNA
45% of PGR's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 2.1%Sector 18.6%Subsector 24.7%Stock-specific 54.7%
ETF hedge ratios
Dollars of ETF to short per $1 of PGR held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLF) | Subsector (KIE) | Explained risk |
|---|---|---|---|---|
| L1 | $0.34 | — | — | 2.1% |
| L2 | $0.85 | $-0.79 | — | 20.6% |
| L3 | $0.48 | $-0.02 | $-0.86 | 45.3% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
Go deeper on PGR
Ask the AI risk analyst for PGR's full history, peer comparison, or how it changes your portfolio's risk.