Alphabet Inc. Class C (GOOG)
Daily ERM3 factor decomposition: how much of GOOG's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $330.39
- Market cap
- $4.00T
- 23-day vol
- 19.6%
- Sector proxy
- XLC
- Subsector proxy
- FDN
Risk DNA
40% of GOOG's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
GOOG carries 59% stock-specific risk against a peer average of 86% — less of what happens here is specific to this name than is typical for its cohort.
Subsector (-0.8%) covaried negatively with GOOG 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 GOOG held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLC) | Subsector (FDN) | Explained risk |
|---|---|---|---|---|
| L1 | $-1.18 | — | — | 28.5% |
| L2 | $-0.58 | $-0.89 | — | 41.2% |
| L3 | $-0.53 | $-0.87 | $-0.06 | 40.4% |
Data as of September 11, 2026. Updated daily from the ERM3 pipeline.
13F filers holding GOOG
From the most recent quarterly 13F filings in our tracked filer universe, largest reported position first.
- Appaloosa Management10.3%
- Berkshire Hathaway3.3%
- ARK Investment Management2.6%
- D. E. Shaw & Co.1.7%
- Beacon Pointe Advisors1.6%
- Citadel Advisors1.3%
- Coatue Management0.8%
- Pershing Square Capital0.7%
Browse every tracked 13F filer.
Go deeper on GOOG
Ask the AI risk analyst for GOOG's full history, peer comparison, or how it changes your portfolio's risk.