QSR (QSR)
Daily ERM3 factor decomposition: how much of QSR's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $74.41
- Market cap
- $25.8B
- 23-day vol
- 29.2%
- Sector proxy
- XLY
- Subsector proxy
- PEJ
Risk DNA
7% of QSR's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 0.2%Sector 1.2%Subsector 5.5%Stock-specific 93.1%
ETF hedge ratios
Dollars of ETF to short per $1 of QSR held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLY) | Subsector (PEJ) | Explained risk |
|---|---|---|---|---|
| L1 | $-0.21 | — | — | 0.2% |
| L2 | $0.39 | $-0.50 | — | 1.4% |
| L3 | $0.46 | $-0.29 | $-0.36 | 6.9% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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