DHT: factor decomposition (Energy)

How much of DHT's move over the window is systematic (market, XLE sector-excess, rate-excess via TLT) vs. idiosyncratic (stock-specific).

Return decomposition (log-return points, additive)

Market+6.30ppSector (excess)+0.94ppRate (excess)-1.46ppIdiosyncratic+70.73pp

Factor betas

Beta · Market (SPY)+0.31
Beta · Sector-excess (XLE)+0.02
Beta · Rate-excess (TLT)+0.41
R²0.02
Window2025-08-22 → 2026-09-24 (273 trading days)

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Low confidence in this split. R² is only 0.02: market, sector, and rate moves together barely track DHT's day-to-day returns over this window, so the betas below are noisy and the systematic/idiosyncratic split is rough at best. This itself is informative: DHT is trading on its own news, not macro.

Of DHT's +76.5pp move over this window, +70.7pp (92% of the total magnitude) is idiosyncratic, not explained by riding market, sector, or rate moves. The rest (+5.8pp) came from systematic exposure: market +6.3pp, sector +0.9pp, rate -1.5pp.

Generated 2026-09-25 07:03 UTC · factor-decomposition · simple 3-factor OLS (market, sector-excess, rate-excess, mutually orthogonalized) · log returns, additive over the window · a transparent estimate, not a commercial risk model: treat betas as directional, always check R² first.