Apple Inc. (AAPL)
Daily ERM3 factor decomposition: how much of AAPL's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $326.57
- Market cap
- $4.79T
- 23-day vol
- 23.5%
- Sector proxy
- XLK
- Subsector proxy
- RSPT
Risk DNA
14% of AAPL's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
AAPL carries 85% stock-specific risk against a peer average of 77% — more of what happens here is specific to this name than is typical for its cohort.
Subsector (-0.8%) covaried negatively with AAPL over this window, offsetting its variance rather than adding to it. Clamped to 0% for the bar and the remaining layers renormalized, so the percentages above sum to 100.
ETF hedge ratios
Dollars of ETF to short per $1 of AAPL held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLK) | Subsector (RSPT) | Explained risk |
|---|---|---|---|---|
| L1 | $-0.55 | — | — | 13.0% |
| L2 | $-1.17 | $0.36 | — | 14.9% |
| L3 | $-1.17 | $0.36 | $-0.00 | 14.2% |
Data as of September 11, 2026. Updated daily from the ERM3 pipeline.
13F filers holding AAPL
From the most recent quarterly 13F filings in our tracked filer universe, largest reported position first.
- Berkshire Hathaway22.9%
- Beacon Pointe Advisors8.6%
- Appaloosa Management3.8%
- Soros Fund Management3.1%
- Citadel Advisors2.9%
- D. E. Shaw & Co.1.3%
- Bridgewater Associates0.7%
Browse every tracked 13F filer.
Go deeper on AAPL
Ask the AI risk analyst for AAPL's full history, peer comparison, or how it changes your portfolio's risk.