Risk decomposition
COIN
Market → sector → subsector → α-residual · 2026-03-16 → 2026-09-03
Market
+49.1%
Sector
+2.0%
Subsector
-2.9%
α residual
-53.6%
Stock
-5.4%
Every position carries the market, its sector, and its subsector before any stock-specific move. The waterfall splits COIN'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=COIN&years=1