Amazon.com, Inc. (AMZN)
Daily ERM3 factor decomposition: how much of AMZN's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $251.89
- Market cap
- $2.71T
- 23-day vol
- 25.2%
- Sector proxy
- XLY
- Subsector proxy
- XRT
Risk DNA
54% of AMZN's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
AMZN carries 46% stock-specific risk against a peer average of 76% — less of what happens here is specific to this name than is typical for its cohort.
ETF hedge ratios
Dollars of ETF to short per $1 of AMZN held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLY) | Subsector (XRT) | Explained risk |
|---|---|---|---|---|
| L1 | $-1.35 | — | — | 28.3% |
| L2 | $-0.04 | $-1.12 | — | 50.1% |
| L3 | $-0.08 | $-1.34 | $0.33 | 53.7% |
Data as of September 11, 2026. Updated daily from the ERM3 pipeline.
13F filers holding AMZN
From the most recent quarterly 13F filings in our tracked filer universe, largest reported position first.
Go deeper on AMZN
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