CPNG (CPNG)
Daily ERM3 factor decomposition: how much of CPNG's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $15.93
- Market cap
- $28.6B
- 23-day vol
- 41.0%
- Sector proxy
- XLY
- Subsector proxy
- XRT
Risk DNA
12% of CPNG's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 12.4%Sector 0.0%Subsector 0.0%Stock-specific 87.6%
ETF hedge ratios
Dollars of ETF to short per $1 of CPNG 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 | $-1.29 | — | — | 12.4% |
| L2 | $-1.12 | $-0.15 | — | 12.3% |
| L3 | $-1.11 | $-0.05 | $-0.12 | 12.2% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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