Risk decomposition
WMT
Market → sector → subsector → α-residual · 2026-03-16 → 2026-09-03
Market
+0.8%
Sector
-0.0%
Subsector
+0.4%
α residual
-14.6%
Stock
-13.3%
Every position carries the market, its sector, and its subsector before any stock-specific move. The waterfall splits WMT'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=WMT&years=1