WING (WING)
Daily ERM3 factor decomposition: how much of WING's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $137.24
- Market cap
- $3.7B
- 23-day vol
- 49.2%
- Sector proxy
- XLY
- Subsector proxy
- PEJ
Risk DNA
9% of WING's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 4.4%Sector 1.7%Subsector 3.4%Stock-specific 90.6%
ETF hedge ratios
Dollars of ETF to short per $1 of WING held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLY) | Subsector (PEJ) | Explained risk |
|---|---|---|---|---|
| L1 | $-1.11 | — | — | 4.4% |
| L2 | $0.03 | $-0.95 | — | 6.1% |
| L3 | $0.15 | $-0.57 | $-0.65 | 9.4% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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