Risk decomposition
AVGO
Market → sector → subsector → α-residual · 2026-02-17 → 2026-08-07
Market
+27.0%
Sector
+22.4%
Subsector
-0.3%
α residual
-19.5%
Stock
+29.6%
Every position carries the market, its sector, and its subsector before any stock-specific move. The waterfall splits AVGO'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=AVGO&years=1