QCOM (QCOM)
Daily ERM3 factor decomposition: how much of QCOM's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $170.04
- Market cap
- $180.1B
- 23-day vol
- 46.8%
- Sector proxy
- XLK
- Subsector proxy
- SMH
Risk DNA
23% of QCOM's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 21.2%Sector 1.1%Subsector 0.3%Stock-specific 77.4%
ETF hedge ratios
Dollars of ETF to short per $1 of QCOM held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLK) | Subsector (SMH) | Explained risk |
|---|---|---|---|---|
| L1 | $-1.69 | — | — | 21.2% |
| L2 | $-0.10 | $-0.94 | — | 22.3% |
| L3 | $-0.21 | $-0.75 | $-0.10 | 22.6% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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