Risk decomposition
JNJ
Market → sector → subsector → α-residual · 2026-03-16 → 2026-09-03
Market
+0.6%
Sector
+7.3%
Subsector
+1.3%
α residual
+6.7%
Stock
+15.8%
Every position carries the market, its sector, and its subsector before any stock-specific move. The waterfall splits JNJ'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=JNJ&years=1