Phillips 66 (PSX)
Daily ERM3 factor decomposition: how much of PSX's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $283.18
- Market cap
- $113.5B
- 23-day vol
- 26.9%
- Sector proxy
- XLE
- Subsector proxy
- IYE
Risk DNA
56% of PSX's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
PSX carries 44% stock-specific risk against a peer average of 67% — less of what happens here is specific to this name than is typical for its cohort.
Subsector (-0.1%) covaried negatively with PSX over this window, offsetting its variance rather than adding to it. Clamped to 0% for the bar and the remaining layers renormalized, so the percentages above sum to 100.
ETF hedge ratios
Dollars of ETF to short per $1 of PSX held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLE) | Subsector (IYE) | Explained risk |
|---|---|---|---|---|
| L1 | $0.48 | — | — | 0.5% |
| L2 | $0.09 | $-0.96 | — | 56.4% |
| L3 | $0.10 | $-1.08 | $0.14 | 56.4% |
Data as of October 24, 2026. Updated daily from the ERM3 pipeline.
13F filers holding PSX
From the most recent quarterly 13F filings in our tracked filer universe, largest reported position first.
Browse every tracked 13F filer.
Go deeper on PSX
Ask the AI risk analyst for PSX's full history, peer comparison, or how it changes your portfolio's risk.