Risk decomposition
KO
Market → sector → subsector → α-residual · 2026-03-16 → 2026-09-03
Market
-1.2%
Sector
+0.6%
Subsector
+0.8%
α residual
+14.8%
Stock
+15.0%
Every position carries the market, its sector, and its subsector before any stock-specific move. The waterfall splits KO'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=KO&years=1