TSLA (TSLA)
Daily ERM3 factor decomposition: how much of TSLA's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $378.93
- Market cap
- $1.42T
- 23-day vol
- 57.2%
- Sector proxy
- XLY
- Subsector proxy
- CARZ
Risk DNA
53% of TSLA's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 34.6%Sector 15.4%Subsector 3.2%Stock-specific 46.9%
ETF hedge ratios
Dollars of ETF to short per $1 of TSLA held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLY) | Subsector (CARZ) | Explained risk |
|---|---|---|---|---|
| L1 | $-2.05 | — | — | 34.6% |
| L2 | $-1.20 | $-0.72 | — | 50.0% |
| L3 | $-0.03 | $-0.85 | $-0.51 | 53.1% |
Data as of July 22, 2026. Updated daily from the ERM3 pipeline.
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