V (V)
Daily ERM3 factor decomposition: how much of V's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $319.05
- Market cap
- $616.7B
- 23-day vol
- 20.1%
- Sector proxy
- XLF
- Subsector proxy
- IYG
Risk DNA
44% of V's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 11.7%Sector 28.0%Subsector 4.6%Stock-specific 55.7%
ETF hedge ratios
Dollars of ETF to short per $1 of V held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLF) | Subsector (IYG) | Explained risk |
|---|---|---|---|---|
| L1 | $-0.45 | — | — | 11.7% |
| L2 | $0.30 | $-1.00 | — | 39.7% |
| L3 | $0.01 | $-2.39 | $1.54 | 44.3% |
Data as of June 12, 2026. Updated daily from the ERM3 pipeline.
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