Betas by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2019

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) 2015 2016 2017 2018 Average (2015-19)
Advertising 48 1.22 71.06% 5.69% 0.79 8.64% 0.87 0.6668 66.44% 14.22% 0.83 0.74 0.91 0.78 0.83
Aerospace/Defense 85 1.24 25.39% 11.40% 1.04 4.65% 1.09 0.5108 40.77% 14.93% 1.06 1.20 0.94 0.99 1.05
Air Transport 18 1.02 89.82% 6.48% 0.61 3.77% 0.63 0.4134 34.19% 82.22% 0.61 0.85 0.76 0.67 0.70
Apparel 50 0.93 35.00% 14.19% 0.74 3.43% 0.76 0.5380 48.89% 20.31% 0.86 0.88 0.71 0.85 0.81
Auto & Truck 14 0.79 195.44% 10.15% 0.32 5.94% 0.34 0.4878 38.24% 167.33% 0.59 0.47 0.38 0.59 0.47
Auto Parts 52 1.17 39.95% 11.57% 0.90 7.24% 0.97 0.5604 44.28% 53.51% 1.14 1.08 0.94 0.92 1.01
Bank (Money Center) 10 0.71 203.85% 26.01% 0.28 34.12% 0.43 0.1730 18.29% NA 0.34 0.47 0.41 0.32 0.39
Banks (Regional) 633 0.57 76.51% 26.99% 0.36 10.54% 0.40 0.2015 20.60% NA 0.37 0.36 0.36 0.39 0.38
Beverage (Alcoholic) 31 1.30 34.18% 2.55% 1.03 1.35% 1.05 0.5694 33.49% 45.51% 0.89 0.82 0.71 1.12 0.92
Beverage (Soft) 37 1.18 23.53% 3.87% 1.00 4.21% 1.04 0.6396 50.32% 11.51% 0.98 0.99 0.78 0.63 0.88
Broadcasting 24 1.02 144.55% 2.54% 0.49 3.76% 0.51 0.4222 37.29% 20.09% 0.83 0.75 0.70 0.65 0.69
Brokerage & Investment Banking 38 1.21 296.73% 22.47% 0.37 18.29% 0.46 0.3704 32.08% 36.54% 0.41 0.46 0.42 0.54 0.46
Building Materials 42 1.10 32.99% 16.11% 0.88 3.99% 0.91 0.3707 33.40% 63.16% 0.93 0.98 0.87 0.99 0.94
Business & Consumer Services 168 1.22 35.68% 7.60% 0.96 3.95% 1.00 0.5495 44.86% 23.12% 1.00 0.95 0.85 1.01 0.96
Cable TV 14 1.13 70.70% 3.61% 0.74 2.85% 0.76 0.2818 26.32% 34.31% 0.70 0.89 0.82 0.67 0.77
Chemical (Basic) 39 1.55 66.48% 7.33% 1.03 7.90% 1.12 0.5418 54.33% 44.65% 0.75 0.81 0.68 0.96 0.87
Chemical (Diversified) 6 1.82 36.80% 3.18% 1.42 4.49% 1.49 0.3575 32.60% 38.52% 0.99 1.27 1.22 1.79 1.35
Chemical (Specialty) 89 1.17 32.62% 10.71% 0.94 4.93% 0.99 0.4753 42.33% 17.28% 0.91 1.01 0.98 0.95 0.97
Coal & Related Energy 23 1.17 67.40% 1.75% 0.78 19.77% 0.97 0.5707 53.58% 227.62% 0.83 0.39 0.61 1.04 0.77
Computer Services 119 1.27 39.18% 8.75% 0.98 6.22% 1.05 0.6067 41.69% 11.07% 0.99 1.00 0.83 0.94 0.96
Computers/Peripherals 57 1.68 25.13% 6.60% 1.41 5.66% 1.50 0.5360 49.87% 32.48% 1.17 1.22 0.94 0.93 1.15
Construction Supplies 48 1.45 45.88% 13.21% 1.08 6.01% 1.15 0.4206 32.24% 29.67% 1.22 1.18 1.02 0.95 1.11
Diversified 23 1.36 35.47% 7.41% 1.07 6.09% 1.14 0.5055 39.46% 22.76% 0.70 0.74 0.63 1.01 0.84
Drugs (Biotechnology) 481 1.51 18.92% 0.93% 1.32 7.47% 1.43 0.6041 68.96% 49.59% 1.06 1.19 1.25 1.36 1.26
Drugs (Pharmaceutical) 237 1.47 14.36% 2.26% 1.32 4.08% 1.38 0.6491 72.45% 6.68% 0.95 0.94 0.93 1.13 1.06
Education 35 1.28 30.73% 6.14% 1.04 6.39% 1.11 0.5390 37.66% 33.28% 0.95 0.86 1.05 0.96 0.98
Electrical Equipment 116 1.32 22.14% 4.36% 1.13 4.08% 1.18 0.6493 57.29% 15.34% 1.14 1.03 1.04 1.02 1.08
Electronics (Consumer & Office) 19 1.19 9.77% 7.67% 1.11 9.34% 1.22 0.5770 62.71% 441.09% 1.38 1.16 0.97 1.08 1.16
Electronics (General) 160 1.02 19.38% 11.67% 0.89 7.63% 0.96 0.5159 46.69% 28.04% 1.01 0.98 0.83 0.91 0.94
Engineering/Construction 52 1.01 48.88% 7.62% 0.74 9.02% 0.81 0.4309 40.14% 8.76% 1.19 1.07 1.01 1.13 1.04
Entertainment 120 1.33 19.85% 1.93% 1.16 4.63% 1.21 0.6944 54.34% 24.59% 0.99 0.98 0.97 0.96 1.02
Environmental & Waste Services 91 1.19 33.64% 3.23% 0.95 0.87% 0.96 0.6329 46.15% 13.94% 0.94 0.82 0.63 0.70 0.81
Farming/Agriculture 33 0.72 66.26% 9.64% 0.48 3.43% 0.50 0.5497 29.07% 25.27% 0.58 0.77 0.62 0.56 0.60
Financial Svcs. (Non-bank & Insurance) 259 0.70 1138.31% 20.38% 0.07 2.58% 0.08 0.3064 27.33% 52.61% 0.06 0.06 0.07 0.07 0.07
Food Processing 83 0.81 46.80% 5.17% 0.60 1.83% 0.61 0.4401 27.46% 23.21% 0.82 0.74 0.63 0.56 0.67
Food Wholesalers 18 1.62 44.86% 4.71% 1.22 1.56% 1.23 0.5032 40.99% 17.34% 1.26 0.61 0.93 1.41 1.09
Furn/Home Furnishings 30 0.88 50.67% 16.96% 0.64 4.01% 0.67 0.4822 43.51% 36.62% 0.92 1.00 0.69 0.67 0.79
Green & Renewable Energy 21 1.62 146.40% 0.00% 0.77 3.24% 0.80 0.7244 69.48% 76.39% 0.68 0.84 0.47 0.72 0.70
Healthcare Products 248 1.12 14.86% 5.46% 1.01 3.06% 1.04 0.5501 56.32% 11.52% 0.90 0.92 0.92 0.89 0.93
Healthcare Support Services 111 1.15 36.22% 8.33% 0.91 11.64% 1.03 0.5389 48.13% 23.27% 0.91 0.89 0.82 0.82 0.89
Heathcare Information and Technology 119 1.29 17.24% 5.65% 1.14 3.02% 1.18 0.5598 53.01% 29.60% 0.84 0.99 0.83 0.88 0.94
Homebuilding 31 0.98 62.24% 24.35% 0.67 7.71% 0.72 0.4157 34.08% 106.97% 0.92 0.81 0.77 0.89 0.82
Hospitals/Healthcare Facilities 34 1.12 139.76% 6.88% 0.55 1.27% 0.55 0.4838 49.69% 25.10% 0.59 0.44 0.45 0.51 0.51
Hotel/Gaming 70 1.01 63.90% 9.55% 0.68 4.35% 0.71 0.4490 35.01% 31.98% 0.83 0.68 0.67 0.74 0.73
Household Products 141 1.13 21.12% 7.14% 0.98 2.17% 1.00 0.6117 54.64% 5.51% 0.91 0.91 0.69 0.88 0.88
Information Services 71 1.12 15.06% 10.37% 1.01 3.83% 1.05 0.4209 37.11% 34.13% 1.04 0.92 0.87 0.82 0.94
Insurance (General) 20 0.87 47.86% 13.97% 0.64 4.45% 0.67 0.3298 24.63% 78.92% 0.80 0.82 0.71 0.63 0.73
Insurance (Life) 23 1.11 104.73% 3.47% 0.62 11.66% 0.70 0.2660 27.64% 34.68% 0.75 0.91 0.80 0.81 0.80
Insurance (Prop/Cas.) 50 0.74 25.46% 15.95% 0.62 4.52% 0.65 0.2261 23.90% 58.81% 0.69 0.75 0.70 0.73 0.71
Investments & Asset Management 172 1.10 67.35% 7.09% 0.73 15.38% 0.87 0.3686 35.43% 31.54% 0.73 0.81 0.68 0.87 0.79
Machinery 127 1.17 26.93% 13.62% 0.97 3.80% 1.01 0.4303 34.36% 21.36% 1.11 1.23 0.93 1.04 1.06
Metals & Mining 94 1.32 41.78% 3.06% 1.01 9.28% 1.11 0.6830 75.46% 40.16% 0.91 0.87 0.89 0.96 0.95
Office Equipment & Services 24 1.81 61.37% 13.71% 1.24 6.91% 1.33 0.4706 39.46% 14.22% 1.00 1.29 1.09 1.10 1.16
Oil/Gas (Integrated) 5 1.16 17.25% 8.91% 1.03 2.88% 1.06 0.3793 17.62% 70.40% 0.76 1.38 0.95 1.25 1.08
Oil/Gas (Production and Exploration) 301 1.45 55.19% 1.93% 1.03 4.32% 1.07 0.6041 57.36% 144.17% 0.91 0.95 0.99 1.00 0.99
Oil/Gas Distribution 20 1.07 101.28% 8.05% 0.61 2.31% 0.62 0.4091 36.03% 31.61% 0.67 0.65 0.69 0.72 0.67
Oilfield Svcs/Equip. 134 1.33 46.78% 4.22% 0.98 7.86% 1.07 0.5599 49.29% 45.09% 1.32 1.41 1.11 1.06 1.19
Packaging & Container 27 1.07 66.41% 13.01% 0.72 2.65% 0.74 0.3961 27.47% 17.02% 0.70 0.91 0.60 0.55 0.70
Paper/Forest Products 20 1.40 48.37% 8.42% 1.02 12.66% 1.17 0.5161 42.72% 26.22% 0.59 0.89 0.83 0.98 0.89
Power 51 0.54 79.41% 13.59% 0.34 1.47% 0.35 0.2332 20.53% 9.03% 0.53 0.50 0.33 0.32 0.41
Precious Metals 91 1.19 21.25% 2.08% 1.03 10.56% 1.15 0.6987 74.54% 68.39% 1.05 1.03 1.10 0.95 1.06
Publishing & Newspapers 33 1.26 70.12% 12.00% 0.82 8.39% 0.90 0.4364 39.32% 11.72% 0.88 1.07 0.96 0.83 0.93
R.E.I.T. 238 0.68 90.71% 2.42% 0.40 1.47% 0.41 0.1997 21.22% 33.06% 0.43 0.41 0.41 0.42 0.42
Real Estate (Development) 18 1.19 69.45% 0.00% 0.79 9.82% 0.87 0.5287 40.78% 128.52% 0.82 0.93 0.47 0.61 0.74
Real Estate (General/Diversified) 11 1.36 49.84% 7.10% 0.99 25.15% 1.33 0.4907 21.50% 181.97% 1.47 1.03 1.09 0.73 1.13
Real Estate (Operations & Services) 59 1.35 65.34% 8.46% 0.90 5.19% 0.95 0.5451 42.49% 44.41% 0.89 0.99 0.62 0.80 0.85
Recreation 72 0.98 36.32% 7.43% 0.77 4.96% 0.81 0.5168 42.73% 47.44% 0.99 0.75 0.76 0.73 0.81
Reinsurance 2 0.97 29.87% 9.80% 0.79 10.14% 0.88 0.1049 16.27% 35.84% 1.12 0.89 0.65 0.47 0.80
Restaurant/Dining 78 0.80 35.53% 8.96% 0.63 3.21% 0.65 0.4410 38.18% 16.17% 0.74 0.64 0.61 0.70 0.67
Retail (Automotive) 24 1.15 71.91% 8.89% 0.75 1.46% 0.76 0.4577 33.22% 33.22% 0.85 0.76 0.63 0.65 0.73
Retail (Building Supply) 17 1.12 22.84% 20.08% 0.95 1.35% 0.97 0.4176 46.94% 31.11% 1.29 1.31 1.12 0.76 1.09
Retail (Distributors) 88 1.44 65.63% 8.15% 0.96 2.28% 0.99 0.5220 44.59% 33.33% 0.81 0.83 0.77 0.87 0.85
Retail (General) 19 0.91 34.09% 10.85% 0.73 3.33% 0.75 0.4058 39.63% 6.39% 0.85 0.92 0.82 0.87 0.84
Retail (Grocery and Food) 12 0.45 83.43% 3.01% 0.28 1.19% 0.28 0.3711 33.06% 25.50% 0.75 0.77 0.46 0.44 0.54
Retail (Online) 79 1.42 12.00% 3.85% 1.30 3.37% 1.34 0.5960 54.22% 28.81% 1.39 1.53 1.17 1.12 1.31
Retail (Special Lines) 91 1.07 51.62% 13.81% 0.77 3.54% 0.80 0.5123 49.17% 19.55% 0.85 0.81 0.76 0.82 0.81
Rubber& Tires 4 0.42 119.65% 25.00% 0.22 7.70% 0.24 0.3703 29.03% 40.68% 0.65 1.18 0.89 0.64 0.72
Semiconductor 72 1.34 14.14% 10.19% 1.21 4.44% 1.26 0.4461 42.66% 33.27% 1.17 1.32 1.11 1.16 1.20
Semiconductor Equip 41 1.39 16.57% 13.77% 1.23 11.21% 1.39 0.4373 48.66% 67.59% 1.17 1.22 1.10 0.99 1.17
Shipbuilding & Marine 9 1.08 56.70% 0.00% 0.76 2.91% 0.78 0.5006 55.89% 33.84% 0.94 0.84 0.85 1.01 0.89
Shoe 10 0.75 7.43% 18.57% 0.72 3.53% 0.74 0.3572 38.65% 24.38% 0.82 0.81 0.83 0.86 0.81
Software (Entertainment) 92 1.26 2.19% 3.47% 1.24 2.56% 1.27 0.6844 65.58% 61.18% 1.13 1.46 0.96 0.91 1.15
Software (Internet) 44 1.46 21.65% 0.85% 1.25 3.94% 1.31 0.6444 51.90% 54.06% 1.29 1.33 1.12 1.20 1.25
Software (System & Application) 355 1.23 12.87% 4.62% 1.12 3.60% 1.16 0.5631 50.68% 11.03% 1.06 1.25 0.99 1.02 1.10
Steel 37 1.62 50.25% 4.18% 1.18 9.22% 1.29 0.4899 44.32% 72.83% 0.90 0.86 1.19 1.53 1.16
Telecom (Wireless) 21 1.26 115.78% 2.38% 0.68 4.29% 0.71 0.6199 44.49% 44.28% 0.51 0.65 0.58 0.71 0.63
Telecom. Equipment 98 1.09 18.05% 6.20% 0.96 6.15% 1.02 0.4932 45.72% 20.40% 1.20 1.17 0.86 0.96 1.04
Telecom. Services 67 1.22 89.20% 3.72% 0.73 1.50% 0.74 0.6288 54.23% 33.75% 0.69 0.57 0.68 0.72 0.68
Tobacco 17 1.29 25.23% 7.27% 1.09 3.52% 1.13 0.6225 48.08% 10.95% 0.94 1.66 1.13 1.15 1.20
Transportation 19 1.14 42.47% 5.29% 0.87 3.70% 0.90 0.4130 33.82% 27.46% 0.77 1.19 0.83 0.80 0.90
Transportation (Railroads) 10 2.47 26.93% 0.00% 2.05 1.27% 2.08 0.3941 20.12% 21.84% 0.92 0.93 0.66 0.87 1.09
Trucking 28 1.22 103.10% 1.23% 0.69 3.31% 0.71 0.4151 41.51% 34.19% 0.92 1.03 0.76 0.81 0.84
Utility (General) 18 0.27 71.36% 14.66% 0.17 0.55% 0.17 0.1259 15.34% 7.22% 0.42 0.36 0.25 0.20 0.28
Utility (Water) 19 0.42 43.00% 9.49% 0.32 0.50% 0.32 0.3758 42.67% 21.58% 0.77 0.33 0.47 0.27 0.43
Total Market  7209 1.12 66.64% 8.76% 0.75 6.49% 0.80 0.4864 42.67% 16.11% 0.70 0.73 0.65 0.72 0.72
Total Market (without financials) 6004 1.21 34.51% 6.21% 0.96 4.02% 1.00 0.5323 46.24% 14.99% 0.87 0.9 0.85 0.90 0.90


Last Updated in January 2019
By Aswath Damodaran