Risk decomposition
HD
Market → sector → subsector → α-residual · 2026-03-16 → 2026-09-03
Market
+12.3%
Sector
-15.3%
Subsector
+1.1%
α residual
-3.9%
Stock
-5.8%
Every position carries the market, its sector, and its subsector before any stock-specific move. The waterfall splits HD'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=HD&years=1