Risk decomposition
JPM
Market → sector → subsector → α-residual · 2026-03-16 → 2026-09-03
Market
+14.6%
Sector
+8.7%
Subsector
-0.2%
α residual
+4.3%
Stock
+27.4%
Every position carries the market, its sector, and its subsector before any stock-specific move. The waterfall splits JPM'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=JPM&years=1