STATE STR SPDR S&P 500 ETF T (SPY)
Daily ERM3 factor decomposition: how much of SPY's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- $676.01
- Market cap
- —
- 23-day vol
- —
Risk DNA
Variance decomposition across market, sector, subsector, and stock-specific layers.
Market 0.0%Sector 0.0%Subsector 0.0%Stock-specific 100.0%
ETF hedge ratios
Dollars of ETF to short per $1 of SPY held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector | Subsector | Explained risk |
|---|---|---|---|---|
| L1 | — | — | — | — |
| L2 | — | — | — | — |
| L3 | — | — | — | — |
Data as of April 9, 2026. Updated daily from the ERM3 pipeline.
13F filers holding SPY
From the most recent quarterly 13F filings in our tracked filer universe, largest reported position first.
Browse every tracked 13F filer.
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