Risk decomposition
AMD
Market → sector → subsector → α-residual · 2026-02-17 → 2026-08-07
Market
+36.8%
Sector
+38.1%
Subsector
-1.9%
α residual
+62.2%
Stock
+135.2%
Every position carries the market, its sector, and its subsector before any stock-specific move. The waterfall splits AMD'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=AMD&years=1