Risk decomposition
CRM
Market → sector → subsector → α-residual · 2026-03-16 → 2026-09-03
Market
+7.0%
Sector
+5.7%
Subsector
-11.1%
α residual
+33.3%
Stock
+35.0%
Every position carries the market, its sector, and its subsector before any stock-specific move. The waterfall splits CRM'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=CRM&years=1