ROKU (ROKU)
Daily ERM3 factor decomposition: how much of ROKU's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $142.92
- Market cap
- $21.6B
- 23-day vol
- 13.2%
- Sector proxy
- XLC
- Subsector proxy
- GGME
Risk DNA
29% of ROKU's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 24.5%Sector 2.4%Subsector 2.4%Stock-specific 70.8%
ETF hedge ratios
Dollars of ETF to short per $1 of ROKU held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLC) | Subsector (GGME) | Explained risk |
|---|---|---|---|---|
| L1 | $-1.71 | — | — | 24.5% |
| L2 | $-1.11 | $-0.84 | — | 26.9% |
| L3 | $-0.27 | $-0.83 | $-0.64 | 29.2% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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