VEEV (VEEV)
Daily ERM3 factor decomposition: how much of VEEV's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $194.46
- Market cap
- $31.7B
- 23-day vol
- 47.0%
- Sector proxy
- XLV
- Subsector proxy
- IHF
Risk DNA
4% of VEEV's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 3.5%Sector 0.1%Subsector 0.8%Stock-specific 95.6%
ETF hedge ratios
Dollars of ETF to short per $1 of VEEV 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 | $-0.66 | — | — | 3.5% |
| L2 | $-0.62 | $-0.16 | — | 3.6% |
| L3 | $-0.58 | $-0.07 | $-0.14 | 4.4% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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