CVNA (CVNA)
Daily ERM3 factor decomposition: how much of CVNA's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $64.04
- Market cap
- $14.0B
- 23-day vol
- 59.8%
- Sector proxy
- XLY
- Subsector proxy
- CARZ
Risk DNA
25% of CVNA's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 22.2%Sector 2.5%Subsector 0.0%Stock-specific 75.3%
ETF hedge ratios
Dollars of ETF to short per $1 of CVNA held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLY) | Subsector (CARZ) | Explained risk |
|---|---|---|---|---|
| L1 | $-2.38 | — | — | 22.3% |
| L2 | $-1.15 | $-1.02 | — | 24.8% |
| L3 | $-1.44 | $-1.00 | $0.13 | 24.5% |
Data as of July 28, 2026. Updated daily from the ERM3 pipeline.
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