Risk decomposition
AAPL
Market → sector → subsector → α-residual · 2026-02-17 → 2026-08-07
Market
+11.2%
Sector
-4.9%
Subsector
-1.5%
α residual
+14.6%
Stock
+19.4%
Every position carries the market, its sector, and its subsector before any stock-specific move. The waterfall splits AAPL's realized return into those benchmark layers; the α residual is what the three hedge layers do not explain.
source: RiskModels — GET /ticker-returns?ticker=AAPL&years=1