Alphabet Inc. Class A (GOOGL)
Daily ERM3 factor decomposition: how much of GOOGL's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $317.28
- Market cap
- $3.84T
- 23-day vol
- 22.8%
- Sector proxy
- XLC
- Subsector proxy
- FDN
Class A — risk and decomposition modeled on Class C (GOOG).
The two share classes have one modelled return series between them, so every figure on this page — including price and market cap — is GOOG's.
Risk DNA
43% of GOOGL's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
GOOGL carries 57% stock-specific risk against a peer average of 83% — less of what happens here is specific to this name than is typical for its cohort.
Subsector (-0.9%) covaried negatively with GOOGL 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 GOOGL 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 | $-1.29 | — | — | 30.4% |
| L2 | $-0.82 | $-0.68 | — | 43.8% |
| L3 | $-0.71 | $-0.64 | $-0.11 | 42.9% |
Data as of October 24, 2026. Updated daily from the ERM3 pipeline.
13F filers holding GOOGL
From the most recent quarterly 13F filings in our tracked filer universe, largest reported position first.
Go deeper on GOOGL
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