Betas by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2021

Download as an excel file instead: http://www.stern.nyu.edu/~adamodar/pc/datasets/betas.xls

For global datasets: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html

can be obtained by clicking here

on which companies are included in each industry


Industry Name Number of firms Beta  D/E Ratio Effective Tax rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk Standard deviation of equity Standard deviation in operating income (last 10 years) Unlevered Beta: 2016 Unlevered Beta: 2017 Unlevered Beta: 2018 Unlevered Beta: 2019 Unlevered Beta: 2020 Average (2016-21)
Advertising 61 1.08 77.50% 3.35% 0.69 11.23% 0.77 0.7654 57.74% 14.31% 0.74 0.91 0.78 0.87 0.93 0.83
Aerospace/Defense 72 1.07 33.05% 7.37% 0.86 5.93% 0.91 0.5940 34.89% 16.42% 1.20 0.94 0.99 1.09 1.08 1.03
Air Transport 17 1.61 161.36% 6.00% 0.74 19.71% 0.91 0.6543 46.15% 48.05% 0.85 0.76 0.67 0.63 0.84 0.78
Apparel 51 1.10 39.39% 4.75% 0.85 9.39% 0.94 0.6549 47.84% 10.37% 0.88 0.71 0.85 0.76 0.83 0.83
Auto & Truck 19 1.28 38.67% 7.86% 1.00 4.72% 1.05 0.7160 45.24% 28.30% 0.47 0.38 0.59 0.34 0.53 0.56
Auto Parts 52 1.20 24.37% 7.35% 1.02 6.59% 1.09 0.6981 43.16% 29.29% 1.08 0.94 0.92 0.97 0.95 0.99
Bank (Money Center) 7 0.83 216.19% 16.16% 0.32 46.36% 0.59 0.3411 21.59% NA 0.47 0.41 0.32 0.43 0.56 0.46
Banks (Regional) 598 0.64 61.25% 16.42% 0.45 25.74% 0.60 0.3305 19.48% NA 0.36 0.36 0.39 0.40 0.43 0.42
Beverage (Alcoholic) 23 0.78 23.41% 5.33% 0.66 1.68% 0.67 0.6156 37.01% 43.00% 0.82 0.71 1.12 1.05 0.92 0.88
Beverage (Soft) 41 0.79 21.60% 3.32% 0.68 3.39% 0.71 0.7605 49.70% 7.16% 0.99 0.78 0.63 1.04 1.09 0.87
Broadcasting 29 1.13 121.72% 9.26% 0.60 8.50% 0.65 0.6275 45.56% 31.02% 0.75 0.70 0.65 0.51 0.73 0.67
Brokerage & Investment Banking 39 1.13 218.88% 9.75% 0.44 24.48% 0.57 0.6202 35.90% 50.94% 0.46 0.42 0.54 0.46 0.57 0.50
Building Materials 42 1.09 26.29% 15.15% 0.91 5.89% 0.97 0.5248 33.99% 65.44% 0.98 0.87 0.99 0.91 1.02 0.96
Business & Consumer Services 169 0.93 24.72% 7.43% 0.79 5.41% 0.83 0.6474 45.65% 18.32% 0.95 0.85 1.01 1.00 0.89 0.92
Cable TV 13 0.94 51.96% 18.97% 0.68 2.41% 0.70 0.4219 32.02% 31.06% 0.89 0.82 0.67 0.76 0.78 0.77
Chemical (Basic) 48 0.99 55.12% 2.98% 0.71 7.00% 0.76 0.6892 48.06% 33.69% 0.81 0.68 0.96 1.12 0.99 0.89
Chemical (Diversified) 5 1.36 58.10% 1.25% 0.96 7.64% 1.03 0.5312 36.16% 29.88% 1.27 1.22 1.79 1.49 1.21 1.34
Chemical (Specialty) 97 0.93 25.35% 6.43% 0.78 4.44% 0.82 0.6130 38.54% 12.48% 1.01 0.98 0.95 0.99 0.96 0.95
Coal & Related Energy 29 0.83 94.63% 0.00% 0.49 12.92% 0.56 0.7276 42.27% 166.17% 0.39 0.61 1.04 0.97 1.05 0.77
Computer Services 116 1.12 39.75% 5.55% 0.87 7.89% 0.94 0.6799 45.89% 11.40% 1.00 0.83 0.94 1.05 0.95 0.95
Computers/Peripherals 52 1.18 9.36% 3.71% 1.11 2.72% 1.14 0.6474 42.87% 16.74% 1.22 0.94 0.93 1.50 1.64 1.23
Construction Supplies 46 1.02 34.78% 10.79% 0.81 6.64% 0.87 0.5214 33.39% 25.62% 1.18 1.02 0.95 1.15 1.10 1.05
Diversified 29 1.02 29.74% 6.52% 0.84 5.70% 0.89 0.6070 29.94% 43.94% 0.74 0.63 1.01 1.14 1.25 0.94
Drugs (Biotechnology) 547 0.89 15.50% 0.52% 0.80 6.50% 0.85 0.6269 50.10% 37.69% 1.19 1.25 1.36 1.43 1.39 1.24
Drugs (Pharmaceutical) 287 0.91 18.18% 1.88% 0.80 4.24% 0.84 0.6896 55.45% 7.70% 0.94 0.93 1.13 1.38 1.29 1.08
Education 38 1.15 24.33% 4.02% 0.97 8.97% 1.07 0.6972 55.73% 37.21% 0.86 1.05 0.96 1.11 1.36 1.07
Electrical Equipment 122 1.06 15.35% 4.44% 0.95 4.90% 1.00 0.7199 55.12% 14.73% 1.03 1.04 1.02 1.18 1.31 1.10
Electronics (Consumer & Office) 22 0.96 9.50% 1.05% 0.89 11.62% 1.01 0.6915 54.91% 324.99% 1.16 0.97 1.08 1.22 1.25 1.12
Electronics (General) 157 0.89 13.48% 6.11% 0.81 6.09% 0.86 0.6441 43.87% 19.57% 0.98 0.83 0.91 0.96 1.07 0.93
Engineering/Construction 61 1.06 28.24% 9.31% 0.88 8.35% 0.95 0.6438 42.04% 12.45% 1.07 1.01 1.13 0.81 1.33 1.05
Entertainment 118 0.88 15.20% 0.53% 0.79 5.26% 0.84 0.7648 68.06% 27.21% 0.98 0.97 0.96 1.21 1.20 1.03
Environmental & Waste Services 86 0.95 25.20% 2.69% 0.81 1.92% 0.82 0.7096 50.43% 12.03% 0.82 0.63 0.70 0.96 1.05 0.83
Farming/Agriculture 32 0.87 45.05% 6.45% 0.66 4.07% 0.68 0.6185 45.30% 17.71% 0.77 0.62 0.56 0.50 0.63 0.63
Financial Svcs. (Non-bank & Insurance) 235 0.80 895.89% 12.91% 0.11 3.11% 0.11 0.4639 27.74% 39.43% 0.06 0.07 0.07 0.08 0.10 0.08
Food Processing 101 0.64 33.01% 8.56% 0.51 3.64% 0.53 0.5418 32.56% 19.79% 0.74 0.63 0.56 0.61 0.70 0.63
Food Wholesalers 18 1.03 56.02% 0.52% 0.73 8.97% 0.80 0.6916 58.03% 21.83% 0.61 0.93 1.41 1.23 0.66 0.94
Furn/Home Furnishings 40 0.88 34.06% 4.79% 0.71 9.25% 0.78 0.6664 40.52% 24.32% 1.00 0.69 0.67 0.67 0.82 0.77
Green & Renewable Energy 25 0.98 64.06% 1.74% 0.67 1.44% 0.68 0.7946 56.04% 96.52% 0.84 0.47 0.72 0.80 0.59 0.68
Healthcare Products 265 0.83 10.69% 2.57% 0.77 3.45% 0.80 0.6221 46.19% 17.83% 0.92 0.92 0.89 1.04 0.98 0.92
Healthcare Support Services 129 0.85 31.70% 5.65% 0.69 6.49% 0.74 0.6310 44.49% 23.65% 0.89 0.82 0.82 1.03 0.95 0.87
Heathcare Information and Technology 139 0.79 12.10% 4.16% 0.73 3.56% 0.75 0.6296 42.45% 33.87% 0.99 0.83 0.88 1.18 1.15 0.96
Homebuilding 30 1.46 32.73% 15.91% 1.18 11.39% 1.33 0.5903 36.56% 71.78% 0.81 0.77 0.89 0.72 0.66 0.86
Hospitals/Healthcare Facilities 32 1.28 99.40% 8.16% 0.74 7.94% 0.80 0.6525 49.21% 19.15% 0.44 0.45 0.51 0.55 0.63 0.56
Hotel/Gaming 66 1.56 57.24% 2.02% 1.10 7.25% 1.19 0.6532 43.69% 28.72% 0.68 0.67 0.74 0.71 0.91 0.82
Household Products 140 0.73 14.85% 5.06% 0.66 3.68% 0.68 0.7334 54.66% 4.06% 0.91 0.69 0.88 1.00 0.94 0.85
Information Services 77 1.01 9.37% 9.75% 0.95 3.01% 0.97 0.5868 42.37% 33.30% 0.92 0.87 0.82 1.05 1.03 0.94
Insurance (General) 21 0.68 40.81% 12.61% 0.53 5.92% 0.56 0.4707 30.12% 33.64% 0.82 0.71 0.63 0.67 0.59 0.66
Insurance (Life) 26 0.98 119.95% 15.12% 0.52 19.22% 0.64 0.4603 30.68% 13.19% 0.91 0.80 0.81 0.70 0.73 0.77
Insurance (Prop/Cas.) 55 0.64 25.06% 10.86% 0.54 5.96% 0.58 0.3843 22.93% 28.87% 0.75 0.70 0.73 0.65 0.59 0.67
Investments & Asset Management 348 0.93 45.22% 4.64% 0.70 11.00% 0.78 0.3589 28.85% 13.93% 0.81 0.68 0.87 0.87 0.86 0.81
Machinery 125 1.05 19.65% 8.81% 0.92 4.30% 0.96 0.5858 34.28% 19.96% 1.23 0.93 1.04 1.01 1.10 1.04
Metals & Mining 86 0.90 23.86% 1.70% 0.77 6.04% 0.82 0.7868 67.84% 43.63% 0.87 0.89 0.96 1.11 1.09 0.96
Office Equipment & Services 22 1.00 47.82% 13.20% 0.74 11.13% 0.83 0.5707 31.11% 10.27% 1.29 1.09 1.10 1.33 1.24 1.15
Oil/Gas (Integrated) 3 1.26 44.09% 8.54% 0.95 3.46% 0.98 0.5036 26.39% 73.81% 1.38 0.95 1.25 1.06 1.12 1.12
Oil/Gas (Production and Exploration) 278 1.18 72.08% 0.68% 0.78 4.36% 0.81 0.7659 56.28% 154.38% 0.95 0.99 1.00 1.07 1.08 0.98
Oil/Gas Distribution 57 1.16 129.69% 4.55% 0.59 1.37% 0.60 0.6544 40.78% 42.75% 0.65 0.69 0.72 0.62 0.62 0.65
Oilfield Svcs/Equip. 135 1.21 77.44% 1.19% 0.77 7.61% 0.83 0.7390 50.27% 40.23% 1.41 1.11 1.06 1.07 1.22 1.12
Packaging & Container 26 0.92 55.11% 15.67% 0.66 3.68% 0.68 0.4567 29.22% 14.05% 0.91 0.60 0.55 0.74 0.68 0.69
Paper/Forest Products 15 1.14 37.52% 5.94% 0.89 6.81% 0.96 0.6176 35.67% 23.13% 0.89 0.83 0.98 1.17 1.25 1.01
Power 55 0.67 78.08% 9.91% 0.42 1.47% 0.43 0.3667 19.86% 8.37% 0.50 0.33 0.32 0.35 0.38 0.38
Precious Metals 93 0.76 12.69% 1.08% 0.69 7.93% 0.75 0.7766 67.76% 75.51% 1.03 1.10 0.95 1.15 1.33 1.05
Publishing & Newspapers 29 1.41 54.00% 5.76% 1.01 8.67% 1.10 0.5486 37.47% 9.42% 1.07 0.96 0.83 0.90 0.76 0.94
R.E.I.T. 238 1.21 76.73% 1.26% 0.77 2.69% 0.79 0.4901 32.40% 28.84% 0.41 0.41 0.42 0.41 0.43 0.48
Real Estate (Development) 25 0.85 94.70% 2.84% 0.50 11.06% 0.56 0.6852 60.70% 103.87% 0.93 0.47 0.61 0.87 0.89 0.72
Real Estate (General/Diversified) 11 0.78 29.22% 7.34% 0.64 15.20% 0.76 0.5515 20.99% 144.66% 1.03 1.09 0.73 1.33 1.50 1.07
Real Estate (Operations & Services) 61 0.92 40.79% 4.38% 0.71 6.12% 0.75 0.6408 34.72% 31.94% 0.99 0.62 0.80 0.95 0.68 0.80
Recreation 69 0.87 24.50% 5.78% 0.74 5.05% 0.77 0.7368 56.40% 13.69% 0.75 0.76 0.73 0.81 0.75 0.76
Reinsurance 2 1.16 38.52% 12.57% 0.91 19.61% 1.13 0.4135 25.23% 30.07% 0.89 0.65 0.47 0.88 0.77 0.80
Restaurant/Dining 79 1.34 33.70% 3.19% 1.08 2.85% 1.11 0.6957 53.63% 9.97% 0.64 0.61 0.70 0.65 0.75 0.74
Retail (Automotive) 30 1.30 49.71% 11.65% 0.95 3.77% 0.99 0.6174 42.82% 20.95% 0.76 0.63 0.65 0.76 0.87 0.77
Retail (Building Supply) 15 1.54 18.08% 13.48% 1.36 5.00% 1.43 0.7107 40.60% 25.54% 1.31 1.12 0.76 0.97 1.15 1.12
Retail (Distributors) 85 0.97 45.74% 12.21% 0.73 3.52% 0.75 0.6391 41.97% 27.75% 0.83 0.77 0.87 0.99 0.89 0.85
Retail (General) 17 0.90 21.34% 12.48% 0.78 4.66% 0.81 0.5433 38.91% 5.11% 0.92 0.82 0.87 0.75 0.95 0.86
Retail (Grocery and Food) 14 0.24 94.34% 13.52% 0.14 5.82% 0.15 0.4890 37.72% 24.45% 0.77 0.46 0.44 0.28 0.35 0.41
Retail (Online) 75 1.16 7.15% 2.93% 1.11 2.75% 1.14 0.7481 52.87% 53.23% 1.53 1.17 1.12 1.34 1.16 1.24
Retail (Special Lines) 85 1.28 48.26% 8.06% 0.95 8.57% 1.03 0.6683 49.01% 10.73% 0.81 0.76 0.82 0.80 0.69 0.82
Rubber& Tires 3 1.09 174.90% 5.30% 0.48 12.32% 0.54 0.6340 43.83% 28.86% 1.18 0.89 0.64 0.24 0.45 0.66
Semiconductor 70 1.00 9.71% 6.41% 0.94 2.71% 0.96 0.5537 37.26% 31.50% 1.32 1.11 1.16 1.26 1.24 1.17
Semiconductor Equip 40 1.07 8.03% 7.38% 1.01 5.40% 1.07 0.5698 35.91% 50.04% 1.22 1.10 0.99 1.39 1.25 1.17
Shipbuilding & Marine 11 1.04 62.15% 2.30% 0.71 4.31% 0.74 0.5540 29.83% 34.03% 0.84 0.85 1.01 0.78 1.57 0.97
Shoe 11 0.98 6.87% 6.63% 0.94 4.30% 0.98 0.5757 31.50% 21.45% 0.81 0.83 0.86 0.74 0.83 0.84
Software (Entertainment) 101 0.96 2.62% 0.58% 0.94 1.96% 0.96 0.7489 62.61% 58.98% 1.46 0.96 0.91 1.27 1.29 1.14
Software (Internet) 36 0.77 8.83% 3.30% 0.73 3.03% 0.75 0.6398 32.73% 40.41% 1.33 1.12 1.20 1.31 1.50 1.20
Software (System & Application) 388 0.91 6.55% 2.77% 0.87 2.68% 0.89 0.6702 47.97% 17.34% 1.25 0.99 1.02 1.16 1.15 1.08
Steel 32 0.95 50.24% 6.01% 0.70 11.19% 0.78 0.5662 39.32% 46.61% 0.86 1.19 1.53 1.29 1.29 1.16
Telecom (Wireless) 16 0.53 54.57% 3.57% 0.38 3.34% 0.39 0.6234 39.78% 57.80% 0.65 0.58 0.71 0.71 0.60 0.61
Telecom. Equipment 96 0.87 14.80% 3.85% 0.78 5.72% 0.83 0.6389 43.11% 17.00% 1.17 0.86 0.96 1.02 0.84 0.95
Telecom. Services 58 0.66 83.14% 3.93% 0.41 2.77% 0.42 0.6187 43.53% 27.98% 0.57 0.68 0.72 0.74 0.67 0.63
Tobacco 15 0.72 30.31% 8.69% 0.59 3.54% 0.61 0.6541 24.49% 6.19% 1.66 1.13 1.15 1.13 1.43 1.18
Transportation 21 0.91 31.69% 10.56% 0.74 6.36% 0.79 0.5864 28.68% 22.43% 1.19 0.83 0.80 0.90 0.96 0.91
Transportation (Railroads) 6 0.84 22.54% 15.58% 0.73 2.12% 0.74 0.5022 16.83% 15.14% 0.93 0.66 0.87 2.08 1.89 1.19
Trucking 35 1.11 33.76% 9.70% 0.89 5.71% 0.94 0.6120 38.78% 126.49% 1.03 0.76 0.81 0.71 1.04 0.88
Utility (General) 16 0.74 74.69% 9.74% 0.48 1.41% 0.48 0.2816 18.44% 8.77% 0.36 0.25 0.20 0.17 0.19 0.28
Utility (Water) 17 0.73 40.46% 10.79% 0.57 1.10% 0.57 0.4501 35.96% 14.78% 0.33 0.47 0.27 0.32 0.57 0.42
Total Market 7582 0.94 48.33% 5.76% 0.70 6.97% 0.75 0.6017 41.21% 13.11% 0.73 0.65 0.72 0.80 0.83 0.75
Total Market (without financials) 6253 0.98 25.10% 4.39% 0.83 4.06% 0.86 0.6495 44.77% 13.19% 0.9 0.85 0.90 1.00 1.01 0.92

 



Last Updated in January 2021
By Aswath Damodaran