Spotify Technology SA (SPOT)
Daily ERM3 factor decomposition: how much of SPOT's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $525.75
- Market cap
- $108.2B
- 23-day vol
- 39.7%
- Sector proxy
- XLC
- Subsector proxy
- GGME
Risk DNA
22% of SPOT's variance is systematic (explainable by market, sector, and subsector factors); the rest is stock-specific.
SPOT carries 78% stock-specific risk against a peer average of 93% — less of what happens here is specific to this name than is typical for its cohort.
ETF hedge ratios
Dollars of ETF to short per $1 of SPOT held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLC) | Subsector (GGME) | Explained risk |
|---|---|---|---|---|
| L1 | $-0.00 | — | — | 0.3% |
| L2 | $0.69 | $-1.02 | — | 5.7% |
| L3 | $1.93 | $-0.99 | $-0.99 | 22.4% |
Data as of September 11, 2026. Updated daily from the ERM3 pipeline.
13F filers holding SPOT
From the most recent quarterly 13F filings in our tracked filer universe, largest reported position first.
Browse every tracked 13F filer.
Go deeper on SPOT
Ask the AI risk analyst for SPOT's full history, peer comparison, or how it changes your portfolio's risk.