Risk decomposition
BA
Market → sector → subsector → α-residual · 2026-03-16 → 2026-09-03
Market
+21.5%
Sector
-7.9%
Subsector
-10.0%
α residual
-5.0%
Stock
-1.4%
Every position carries the market, its sector, and its subsector before any stock-specific move. The waterfall splits BA'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=BA&years=1