Zillow Group, Inc. Class C (Z) 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.
Zillow Group, Inc. Class C (Z) operates in the Communication Services sector, specifically the Internet Content & Information industry, with a market capitalization near $9.26B, listed on NASDAQ, employing roughly 6,819 people, carrying a beta of 2.04 to the broader market. Zillow Group, Inc. Led by Jeremy Wacksman, public since 2015-08-03.
Snapshot as of May 15, 2026.
- Spot Price
- $37.71
- Net Gamma
- -$3.2M
- Net Delta
- $47.8M
- Net Vega
- -$360.3K
- Gamma Concentration
- 0.55
As of May 15, 2026, Zillow Group, Inc. Class C (Z) has negative net gamma exposure of $3.2M under the standard dealer-hedging convention. Net delta exposure is $47.8M. Negative GEX means dealers are net short gamma: they must sell into weakness and buy into strength, amplifying realized volatility and accelerating directional moves.
Z Strategy Sizing in the Current GEX Regime
Zillow Group, Inc. Class C is in a negative dealer-gamma regime ($3.2M). Net dealer delta of $47.8M 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.
Learn how gamma exposure is reported and how to read the data →
Frequently asked Z gamma exposure (gex) & greeks questions
- What is the current Z gamma exposure (GEX)?
- As of May 15, 2026, Zillow Group, Inc. Class C (Z) net gamma exposure is negative at $3.2M under the standard dealer-hedging convention. Net dealer delta exposure is $47.8M. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.
- Is Z in positive or negative dealer gamma right now?
- Z is currently in negative dealer gamma. Dealers net short gamma must sell into weakness and buy into strength to maintain delta-neutrality, which amplifies realized volatility and tends to accelerate directional moves.
- What does Z GEX tell options traders?
- GEX is a regime indicator: positive-gamma regimes favor mean-reverting strategies (premium-selling near established ranges); negative-gamma regimes favor momentum and breakout strategies. The same options-strategy structure can be appropriate or inappropriate depending on the dealer-gamma regime, so reading the sign and magnitude of net GEX before sizing positions is standard practice.