Hedge AAPL with ETFs — per $1 long, as of 2026-10-09

ERM3 L3 hedge: the dollar position in each ETF per $1 of AAPL. What remains after all three legs is the stock-specific risk shown above, which no ETF hedges.

Daily return attribution (2026-10-09)

Incremental factor returns (l1_fr, l2_fr, l3_fr) and L3 residual return (l3_rr) from ERM3 returns decomposition — not hedge ratios or explained risk. See Returns decomposition metrics.

Gross return (same day): -111.0 bps — sum of components ≈ gross for simple daily returns.

Deep Dive Snapshot

Hedge AAPL with ETFs — per $1 long, as of 2026-10-09

ERM3 L3 hedge: the dollar position in each ETF per $1 of AAPL. What remains after all three legs is the stock-specific risk shown above, which no ETF hedges.

Daily return attribution (2026-10-09)

Incremental factor returns (l1_fr, l2_fr, l3_fr) and L3 residual return (l3_rr) from ERM3 returns decomposition — not hedge ratios or explained risk. See Returns decomposition metrics.

Gross return (same day): -111.0 bps — sum of components ≈ gross for simple daily returns.

Deep Dive Snapshot