SPOT (SPOT)
Daily ERM3 factor decomposition: how much of SPOT's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $494.72
- Market cap
- $101.8B
- 23-day vol
- 33.2%
- Sector proxy
- XLC
- Subsector proxy
- GGME
Risk DNA
21% of SPOT's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 2.4%Sector 4.4%Subsector 13.9%Stock-specific 79.3%
ETF hedge ratios
Dollars of ETF to short per $1 of SPOT 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 | $-0.50 | — | — | 2.4% |
| L2 | $0.04 | $-0.76 | — | 6.7% |
| L3 | $0.92 | $-0.76 | $-0.68 | 20.7% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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