SHW (SHW)
Daily ERM3 factor decomposition: how much of SHW's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $327.27
- Market cap
- $80.7B
- 23-day vol
- 29.9%
- Sector proxy
- XLB
- Subsector proxy
- IYM
Risk DNA
47% of SHW's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 11.3%Sector 27.2%Subsector 8.2%Stock-specific 53.2%
ETF hedge ratios
Dollars of ETF to short per $1 of SHW held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLB) | Subsector (IYM) | Explained risk |
|---|---|---|---|---|
| L1 | $-0.73 | — | — | 11.3% |
| L2 | $-0.06 | $-0.89 | — | 38.6% |
| L3 | $-0.30 | $-1.73 | $0.93 | 46.8% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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