Risk decomposition
INTC
Market → sector → subsector → α-residual · 2026-03-16 → 2026-09-03
Market
+41.7%
Sector
+14.5%
Subsector
-2.4%
α residual
+46.5%
Stock
+100.3%
Every position carries the market, its sector, and its subsector before any stock-specific move. The waterfall splits INTC'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=INTC&years=1