TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD (TSM)
Daily ERM3 factor decomposition: how much of TSM's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $412.35
- Market cap
- $2.14T
- 23-day vol
- 31.6%
- Sector proxy
- XLK
- Subsector proxy
- SMH
Risk DNA
66% of TSM's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
TSM carries 34% stock-specific risk against a peer average of 65% — less of what happens here is specific to this name than is typical for its cohort.
ETF hedge ratios
Dollars of ETF to short per $1 of TSM held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLK) | Subsector (SMH) | Explained risk |
|---|---|---|---|---|
| L1 | $-2.08 | — | — | 47.9% |
| L2 | $0.10 | $-1.24 | — | 60.2% |
| L3 | $-0.66 | $0.17 | $-0.73 | 65.5% |
Data as of October 23, 2026. Updated daily from the ERM3 pipeline.
13F filers holding TSM
From the most recent quarterly 13F filings in our tracked filer universe, largest reported position first.
- Appaloosa Management10.5%
- Tiger Global Management9.7%
- Coatue Management8.8%
- Third Point5.1%
- Soros Fund Management4.3%
- ARK Investment Management1.5%
- Point72 Asset Management1.2%
Browse every tracked 13F filer.
Go deeper on TSM
Ask the AI risk analyst for TSM's full history, peer comparison, or how it changes your portfolio's risk.