UNH (UNH)
Daily ERM3 factor decomposition: how much of UNH's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $405.55
- Market cap
- $369.1B
- 23-day vol
- 27.5%
- Sector proxy
- XLV
- Subsector proxy
- IHF
Risk DNA
65% of UNH's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 2.5%Sector 13.2%Subsector 49.7%Stock-specific 34.6%
ETF hedge ratios
Dollars of ETF to short per $1 of UNH held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLV) | Subsector (IHF) | Explained risk |
|---|---|---|---|---|
| L1 | $-0.82 | — | — | 2.5% |
| L2 | $-0.55 | $-0.59 | — | 15.7% |
| L3 | $-0.35 | $0.23 | $-1.18 | 65.4% |
Data as of June 12, 2026. Updated daily from the ERM3 pipeline.
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