Kennedy-Wilson Holdings, Inc. (KW) Gamma Exposure (GEX) & Greeks

Gamma exposure (GEX) analysis shows how options positioning creates dealer hedging pressure across strikes. Includes delta, vanna, charm, vomma, and vega exposure by strike price.

Kennedy-Wilson Holdings, Inc. (KW) operates in the Real Estate sector, specifically the Real Estate - Development industry, with a market capitalization near $1.52B, listed on NYSE, employing roughly 321 people, carrying a beta of 0.95 to the broader market. Kennedy-Wilson Holdings, Inc. Led by William J. McMorrow, public since 2007-12-03.

Snapshot as of Jun 29, 2026.

Spot Price

$8.75

Net Gamma

-$921

Net Delta

$36.5K

Net Vega

-$272

Gamma Concentration

0.73

As of Jun 29, 2026, Kennedy-Wilson Holdings, Inc. (KW) has negative net gamma exposure of $921 under the standard dealer-hedging convention. Net delta exposure is $36.5K. Negative GEX means dealers are net short gamma: they must sell into weakness and buy into strength, amplifying realized volatility and accelerating directional moves.

KW Strategy Sizing in the Current GEX Regime

Kennedy-Wilson Holdings, Inc. is in a negative dealer-gamma regime ($921). Net dealer delta of $36.5K sets the size of the directional hedging flow that fires as spot moves. In this regime, momentum and breakout strategies fit the regime: long calls or puts, ratio backspreads, calendar spreads positioned for vol expansion. Realized volatility tends to overshoot implied during negative-gamma stretches, hurting indiscriminate short-vol exposure. The gamma-flip level - the spot price at which net dealer gamma changes sign - is the most actionable anchor for sizing: through-flip moves trigger qualitatively different hedging behavior than within-regime moves, so risk-defined structures sized to the current spot may not stay sized correctly if a flip is near.

Reading the KW gamma exposure profile

The per-strike GEX bars above show where dealer hedging will fire as spot moves through each strike. Net dealer gamma is negative at -$921, so as spot moves dealers buy rallies and sell dips, mechanically amplifying realized volatility. Net dealer delta of $36.5K sets the size of the directional hedging flow that fires as spot moves: a 1% move in KW triggers approximately $365 of dollar hedging. Net vega of -$272 measures how dealer P&L scales with implied-volatility shifts - a 1-point IV move shifts dealer book value by approximately that amount per vol point. Gamma concentration ratio is 0.73, a measure of how clustered dealer gamma is around the current spot - higher concentration means more violent hedging when spot crosses key strikes.

KW GEX regime and trading style

In the current negative-gamma regime, Kennedy-Wilson Holdings, Inc. realized volatility tends to overshoot implied, favoring long-vol structures: long puts/calls, ratio backspreads, calendar spreads positioned for vol expansion. Risk: indiscriminate short-vol exposure (covered calls, iron condors, cash-secured puts) gets hit when realized blows past the implied move. The current expected move of 44.35% is the anchor for sizing wings - structures with wings at ±1σ collect ~68% probability of staying inside the band.

How dealer hedging on KW feeds spot tape

Dealer hedging is mechanical, not opinionated - the flow is the inverse of options buyer/seller positioning. Short-gamma dealers buy rallies and sell dips, widening intraday ranges. That is the mechanism behind "vol begets vol" episodes - the first leg of a move triggers hedging that extends the move further. The gamma-flip strike is the most actionable single number on this page: cross it and the entire hedging regime inverts. Through-flip moves typically come with regime-change in realized volatility, not just direction.

Practical caveats for trading KW GEX

Dealer-gamma exposure is a model output, not a measured quantity. The figures here use the standard assumption that customers buy options and dealers are short the inventory, hedged delta-neutral. Reality has more texture: dealers occasionally net long inventory after option-overwriter ETF flows or systematic vol-target strategy rolls, in which case the sign of the regime inverts from what the GEX page implies. Cross-check with the IV-rank context on the volatility page: high-IV-rank regimes tend to coincide with negative gamma even when the headline number prints positive, because realized vol is already running hot enough to make hedging flows reactive rather than damping. When the implied move sits above 4% (44.35% here), the entire gamma profile compresses into the near-expiration tenors and the longer-dated GEX number becomes less actionable. Treat the gamma sign as a probability tilt, not a deterministic prediction.

Learn how gamma exposure is reported and how to read the data →