Risk decomposition
META
Market → sector → subsector → α-residual · 2026-02-17 → 2026-08-07
Market
+23.3%
Sector
+2.7%
Subsector
-1.2%
α residual
-32.1%
Stock
-7.2%
Every position carries the market, its sector, and its subsector before any stock-specific move. The waterfall splits META'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=META&years=1