Industry Name Number of firms Average Unlevered Beta Average Levered Beta Average correlation with the market Total Unlevered Beta Total Levered Beta
Advertising 41 0.91 1.36 18.37% 4.95 7.42
Aerospace/Defense 96 0.94 1.07 30.35% 3.09 3.54
Air Transport 18 0.76 1.12 33.71% 2.26 3.33
Apparel 58 0.71 0.88 23.90% 2.95 3.68
Auto & Truck 15 0.38 0.85 34.42% 1.10 2.46
Auto Parts 63 0.94 1.12 26.78% 3.50 4.19
Bank (Money Center) 10 0.41 0.86 44.03% 0.92 1.95
Banks (Regional) 645 0.36 0.47 26.86% 1.36 1.76
Beverage (Alcoholic) 25 0.71 0.79 22.04% 3.22 3.60
Beverage (Soft) 36 0.78 0.91 17.32% 4.49 5.26
Broadcasting 30 0.70 1.22 42.36% 1.65 2.88
Brokerage & Investment Banking 45 0.42 1.08 36.21% 1.16 2.97
Building Materials 41 0.87 1.01 37.50% 2.32 2.69
Business & Consumer Services 165 0.85 1.07 26.37% 3.22 4.06
Cable TV 14 0.82 1.12 37.74% 2.17 2.96
Chemical (Basic) 45 0.68 1.00 25.94% 2.61 3.86
Chemical (Diversified) 8 1.22 1.52 46.54% 2.62 3.26
Chemical (Specialty) 100 0.98 1.20 32.00% 3.07 3.74
Coal & Related Energy 38 0.61 1.36 17.63% 3.43 7.73
Computer Services 117 0.83 0.99 25.93% 3.20 3.80
Computers/Peripherals 55 0.94 1.06 24.58% 3.84 4.29
Construction Supplies 51 1.02 1.31 39.31% 2.60 3.34
Diversified 24 0.63 0.76 41.66% 1.51 1.84
Drugs (Biotechnology) 426 1.25 1.40 22.02% 5.66 6.37
Drugs (Pharmaceutical) 164 0.93 1.02 19.66% 4.71 5.17
Education 36 1.05 1.23 23.69% 4.42 5.17
Electrical Equipment 119 1.04 1.14 23.42% 4.42 4.88
Electronics (Consumer & Office) 24 0.97 1.08 21.07% 4.61 5.14
Electronics (General) 164 0.83 0.86 23.34% 3.54 3.70
Engineering/Construction 48 1.01 1.18 36.14% 2.79 3.27
Entertainment 79 0.97 1.20 18.79% 5.14 6.40
Environmental & Waste Services 89 0.63 0.85 18.59% 3.38 4.58
Farming/Agriculture 37 0.62 0.92 21.50% 2.86 4.28
Financial Svcs. (Non-bank & Insurance) 258 0.07 0.65 25.96% 0.26 2.52
Food Processing 87 0.63 0.75 24.81% 2.54 3.04
Food Wholesalers 16 0.93 1.20 25.24% 3.68 4.77
Furn/Home Furnishings 30 0.69 0.84 29.72% 2.33 2.81
Green & Renewable Energy 25 0.47 1.14 15.99% 2.93 7.13
Healthcare Products 254 0.92 1.04 21.71% 4.25 4.77
Healthcare Support Services 121 0.82 0.94 23.91% 3.42 3.93
Heathcare Information and Technology 125 0.83 0.95 23.14% 3.59 4.11
Homebuilding 33 0.77 1.08 40.94% 1.88 2.63
Hospitals/Healthcare Facilities 38 0.45 1.10 26.59% 1.67 4.13
Hotel/Gaming 69 0.67 0.96 29.66% 2.25 3.24
Household Products 129 0.69 0.80 18.61% 3.70 4.28
Information Services 64 0.87 0.98 41.74% 2.08 2.35
Insurance (General) 19 0.71 0.90 52.06% 1.37 1.74
Insurance (Life) 22 0.80 1.03 47.22% 1.70 2.19
Insurance (Prop/Cas.) 50 0.70 0.83 41.52% 1.69 2.00
Investments & Asset Management 156 0.68 0.90 31.15% 2.17 2.88
Machinery 127 0.93 1.06 37.89% 2.46 2.80
Metals & Mining 97 0.89 1.30 14.78% 6.01 8.82
Office Equipment & Services 24 1.09 1.49 35.76% 3.06 4.17
Oil/Gas (Integrated) 7 0.95 1.08 40.13% 2.36 2.69
Oil/Gas (Production and Exploration) 330 0.99 1.38 19.43% 5.11 7.09
Oil/Gas Distribution 78 0.69 1.20 35.63% 1.93 3.35
Oilfield Svcs/Equip. 148 1.11 1.37 26.20% 4.24 5.21
Packaging & Container 26 0.60 0.84 40.79% 1.48 2.06
Paper/Forest Products 23 0.83 1.12 26.74% 3.09 4.18
Power 68 0.33 0.54 27.97% 1.17 1.95
Precious Metals 109 1.10 1.25 10.75% 10.27 11.64
Publishing & Newspapers 37 0.96 1.32 31.33% 3.07 4.21
R.E.I.T. 238 0.41 0.72 38.78% 1.07 1.87
Real Estate (Development) 18 0.47 0.68 21.44% 2.19 3.19
Real Estate (General/Diversified) 11 1.09 1.27 33.87% 3.23 3.75
Real Estate (Operations & Services) 54 0.62 0.99 17.87% 3.45 5.55
Recreation 66 0.76 0.92 24.31% 3.12 3.79
Reinsurance 3 0.65 0.75 49.51% 1.31 1.51
Restaurant/Dining 86 0.61 0.77 29.02% 2.10 2.65
Retail (Automotive) 25 0.63 0.91 37.27% 1.69 2.45
Retail (Building Supply) 6 1.12 1.30 48.01% 2.34 2.70
Retail (Distributors) 88 0.77 1.10 30.13% 2.54 3.67
Retail (General) 19 0.82 1.05 37.73% 2.18 2.78
Retail (Grocery and Food) 14 0.46 0.69 27.87% 1.66 2.48
Retail (Online) 57 1.17 1.23 23.73% 4.94 5.17
Retail (Special Lines) 108 0.76 1.02 30.50% 2.48 3.35
Rubber& Tires 4 0.89 1.35 40.55% 2.19 3.32
Semiconductor 80 1.11 1.20 37.81% 2.94 3.16
Semiconductor Equip 45 1.10 1.10 33.63% 3.26 3.26
Shipbuilding & Marine 11 0.85 1.20 22.47% 3.80 5.35
Shoe 10 0.83 0.85 31.50% 2.63 2.70
Software (Entertainment) 13 0.96 0.98 19.34% 4.99 5.07
Software (Internet) 297 1.12 1.13 20.06% 5.57 5.65
Software (System & Application) 236 0.99 1.13 26.39% 3.75 4.27
Steel 38 1.19 1.60 31.72% 3.76 5.04
Telecom (Wireless) 17 0.58 1.12 28.50% 2.04 3.92
Telecom. Equipment 107 0.86 0.99 26.14% 3.30 3.78
Telecom. Services 67 0.68 1.04 23.73% 2.85 4.39
Tobacco 22 1.13 1.28 20.34% 5.57 6.29
Transportation 17 0.83 1.01 42.25% 1.97 2.40
Transportation (Railroads) 7 0.66 0.79 42.18% 1.56 1.86
Trucking 30 0.76 1.21 37.64% 2.01 3.20
Utility (General) 18 0.25 0.38 27.33% 0.92 1.38
Utility (Water) 22 0.47 0.65 24.48% 1.93 2.65
Total Market 7330 0.65 1.00 26.67% 2.45 3.75
Total Market (without financials) 6100 0.85 1.08 26.30% 3.22 4.11