Risk decomposition
XOM
Market → sector → subsector → α-residual · 2026-03-16 → 2026-09-03
Market
-6.0%
Sector
+11.8%
Subsector
+1.7%
α residual
-3.0%
Stock
+4.6%
Every position carries the market, its sector, and its subsector before any stock-specific move. The waterfall splits XOM'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=XOM&years=1