Risk decomposition
GOOGL
Market → sector → subsector → α-residual · 2026-02-25 → 2026-08-17

Market
+15.5%
Sector
-6.4%
Subsector
+0.0%
α residual
+0.2%
Stock
+9.3%
Every position carries the market, its sector, and its subsector before any stock-specific move. The waterfall splits GOOGL'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=GOOGL&years=1