Risk decomposition
GOOG
Market → sector → subsector → α-residual · 2026-03-16 → 2026-09-03
Market
+21.5%
Sector
-6.7%
Subsector
-0.0%
α residual
-3.3%
Stock
+11.6%
Every position carries the market, its sector, and its subsector before any stock-specific move. The waterfall splits GOOG'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=GOOG&years=1