TDG (TDG)
Daily ERM3 factor decomposition: how much of TDG's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $1286.27
- Market cap
- $71.9B
- 23-day vol
- 29.1%
- Sector proxy
- XLI
- Subsector proxy
- PPA
Risk DNA
21% of TDG's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 9.9%Sector 6.5%Subsector 4.2%Stock-specific 79.4%
ETF hedge ratios
Dollars of ETF to short per $1 of TDG held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLI) | Subsector (PPA) | Explained risk |
|---|---|---|---|---|
| L1 | $-0.77 | — | — | 9.9% |
| L2 | $0.08 | $-0.91 | — | 16.4% |
| L3 | $0.12 | $-0.44 | $-0.50 | 20.6% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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