GOOGL (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
- $346.19
- Market cap
- $4.19T
- 23-day vol
- 37.2%
- Sector proxy
- XLC
- Subsector proxy
- FDN
Risk DNA
37% of GOOGL's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
Market 30.0%Sector 7.1%Subsector 0.0%Stock-specific 62.9%
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 | $-1.26 | — | — | 30.3% |
| L2 | $-0.82 | $-0.64 | — | 37.4% |
| L3 | $-0.92 | $-0.67 | $0.10 | 36.6% |
Data as of July 22, 2026. Updated daily from the ERM3 pipeline.
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