Risk decomposition
UNH
Market → sector → subsector → α-residual · 2026-03-16 → 2026-09-03
Market
+12.5%
Sector
+3.7%
Subsector
+29.1%
α residual
-3.6%
Stock
+41.7%
Every position carries the market, its sector, and its subsector before any stock-specific move. The waterfall splits UNH'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=UNH&years=1