TER (TER)
Daily ERM3 factor decomposition: how much of TER's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $334.77
- Market cap
- $52.4B
- 23-day vol
- 104.5%
- Sector proxy
- XLK
- Subsector proxy
- SOXX
Risk DNA
51% of TER's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 28.5%Sector 8.2%Subsector 14.7%Stock-specific 48.5%
ETF hedge ratios
Dollars of ETF to short per $1 of TER held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLK) | Subsector (SOXX) | Explained risk |
|---|---|---|---|---|
| L1 | $-3.53 | — | — | 28.5% |
| L2 | $-1.31 | $-1.32 | — | 36.7% |
| L3 | $-2.96 | $1.46 | $-1.21 | 51.5% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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