PINS (PINS)
Daily ERM3 factor decomposition: how much of PINS's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $23.50
- Market cap
- $13.2B
- 23-day vol
- 45.4%
- Sector proxy
- XLC
- Subsector proxy
- FDN
Risk DNA
18% of PINS's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 4.1%Sector 4.6%Subsector 9.1%Stock-specific 82.2%
ETF hedge ratios
Dollars of ETF to short per $1 of PINS held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLC) | Subsector (FDN) | Explained risk |
|---|---|---|---|---|
| L1 | $-0.60 | — | — | 4.1% |
| L2 | $0.14 | $-1.04 | — | 8.7% |
| L3 | $1.27 | $-0.65 | $-1.18 | 17.8% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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