ST (ST)
Daily ERM3 factor decomposition: how much of ST's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $46.39
- Market cap
- $6.7B
- 23-day vol
- 33.7%
- Sector proxy
- XLK
- Subsector proxy
- IYW
Risk DNA
40% of ST's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 38.8%Sector 0.0%Subsector 2.1%Stock-specific 59.1%
ETF hedge ratios
Dollars of ETF to short per $1 of ST held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLK) | Subsector (IYW) | Explained risk |
|---|---|---|---|---|
| L1 | $-1.93 | — | — | 39.2% |
| L2 | $-1.70 | $-0.14 | — | 38.3% |
| L3 | $-1.49 | $-0.98 | $0.73 | 40.4% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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