Brookfield Corporation (BN)
Daily ERM3 factor decomposition: how much of BN's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $37.97
- Market cap
- $89.9B
- 23-day vol
- 20.1%
- Sector proxy
- XLRE
- Subsector proxy
- VNQ
Risk DNA
47% of BN's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
BN carries 52% stock-specific risk against a peer average of 72% — less of what happens here is specific to this name than is typical for its cohort.
Subsector (-0.3%) covaried negatively with BN 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 BN held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLRE) | Subsector (VNQ) | Explained risk |
|---|---|---|---|---|
| L1 | $-1.26 | — | — | 42.2% |
| L2 | $-1.13 | $-0.48 | — | 47.6% |
| L3 | $-1.12 | $-0.31 | $-0.19 | 47.4% |
Data as of October 24, 2026. Updated daily from the ERM3 pipeline.
13F filers holding BN
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