WDAY (WDAY)
Daily ERM3 factor decomposition: how much of WDAY's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $147.54
- Market cap
- $37.5B
- 23-day vol
- 67.0%
- Sector proxy
- XLK
- Subsector proxy
- IGV
Risk DNA
50% of WDAY's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 0.1%Sector 0.0%Subsector 50.3%Stock-specific 49.6%
ETF hedge ratios
Dollars of ETF to short per $1 of WDAY held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLK) | Subsector (IGV) | Explained risk |
|---|---|---|---|---|
| L1 | $-0.37 | — | — | 0.1% |
| L2 | $-0.45 | $0.05 | — | 0.0% |
| L3 | $-0.52 | $0.86 | $-1.11 | 50.4% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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