Risk decomposition
DIS
Market → sector → subsector → α-residual · 2026-03-16 → 2026-09-03
Market
+11.4%
Sector
-8.9%
Subsector
-0.2%
α residual
+6.4%
Stock
+8.6%
Every position carries the market, its sector, and its subsector before any stock-specific move. The waterfall splits DIS'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=DIS&years=1