Industry Name Number of firms Average Unlevered Beta Average Levered Beta Average correlation with the market Total Unlevered Beta Total Levered Beta
Advertising 40 0.78 1.15 14.54% 5.40 7.94
Aerospace/Defense 87 0.99 1.08 28.22% 3.52 3.84
Air Transport 17 0.67 1.01 35.04% 1.92 2.88
Apparel 51 0.85 1.02 24.57% 3.46 4.14
Auto & Truck 18 0.59 1.20 26.54% 2.23 4.51
Auto Parts 62 0.92 1.04 26.81% 3.43 3.87
Bank (Money Center) 11 0.32 0.64 33.26% 0.97 1.92
Banks (Regional) 612 0.39 0.50 27.37% 1.41 1.83
Beverage (Alcoholic) 28 1.12 1.33 19.73% 5.68 6.72
Beverage (Soft) 35 0.63 0.70 16.49% 3.80 4.27
Broadcasting 27 0.65 1.12 34.20% 1.90 3.27
Brokerage & Investment Banking 42 0.54 1.24 37.28% 1.46 3.32
Building Materials 39 0.99 1.11 43.40% 2.27 2.56
Business & Consumer Services 169 1.01 1.17 23.54% 4.28 4.97
Cable TV 14 0.67 0.92 37.57% 1.78 2.45
Chemical (Basic) 38 0.96 1.20 22.95% 4.20 5.22
Chemical (Diversified) 7 1.79 2.03 42.22% 4.25 4.82
Chemical (Specialty) 99 0.95 1.11 27.63% 3.43 4.03
Coal & Related Energy 30 1.04 1.25 14.74% 7.07 8.47
Computer Services 111 0.94 1.10 23.13% 4.08 4.76
Computers/Peripherals 58 0.93 1.01 23.48% 3.95 4.30
Construction Supplies 49 0.95 1.12 34.23% 2.78 3.27
Diversified 24 1.01 1.19 35.76% 2.83 3.34
Drugs (Biotechnology) 459 1.36 1.44 22.72% 5.97 6.34
Drugs (Pharmaceutical) 185 1.13 1.21 19.24% 5.87 6.29
Education 34 0.96 1.15 25.23% 3.80 4.57
Electrical Equipment 118 1.02 1.08 22.26% 4.60 4.87
Electronics (Consumer & Office) 24 1.08 1.09 17.99% 6.00 6.07
Electronics (General) 167 0.91 0.94 23.53% 3.88 3.99
Engineering/Construction 49 1.13 1.27 35.93% 3.14 3.54
Entertainment 90 0.96 1.15 17.22% 5.56 6.69
Environmental & Waste Services 87 0.70 0.88 16.51% 4.24 5.31
Farming/Agriculture 34 0.56 0.74 20.60% 2.71 3.62
Financial Svcs. (Non-bank & Insurance) 264 0.07 0.61 23.88% 0.29 2.54
Food Processing 87 0.56 0.68 17.55% 3.17 3.85
Food Wholesalers 15 1.41 1.79 25.76% 5.49 6.93
Furn/Home Furnishings 31 0.67 0.79 24.55% 2.74 3.22
Green & Renewable Energy 22 0.72 1.20 19.70% 3.66 6.10
Healthcare Products 251 0.89 0.94 20.90% 4.24 4.50
Healthcare Support Services 115 0.82 0.90 21.18% 3.89 4.24
Heathcare Information and Technology 112 0.88 0.98 20.80% 4.25 4.71
Homebuilding 32 0.89 1.11 44.84% 2.00 2.47
Hospitals/Healthcare Facilities 35 0.51 1.18 23.45% 2.18 5.03
Hotel/Gaming 70 0.74 0.94 27.31% 2.72 3.44
Household Products 131 0.88 1.00 16.13% 5.45 6.18
Information Services 61 0.82 0.88 34.30% 2.39 2.57
Insurance (General) 21 0.63 0.78 44.91% 1.41 1.75
Insurance (Life) 25 0.81 1.01 46.93% 1.72 2.15
Insurance (Prop/Cas.) 50 0.73 0.84 36.68% 1.98 2.29
Investments & Asset Management 165 0.87 0.99 27.21% 3.19 3.63
Machinery 126 1.04 1.15 36.64% 2.83 3.14
Metals & Mining 102 0.96 1.10 14.10% 6.81 7.82
Office Equipment & Services 24 1.10 1.37 30.04% 3.66 4.57
Oil/Gas (Integrated) 5 1.25 1.37 23.67% 5.28 5.80
Oil/Gas (Production and Exploration) 311 1.00 1.26 16.37% 6.13 7.69
Oil/Gas Distribution 16 0.72 1.21 32.45% 2.21 3.72
Oilfield Svcs/Equip. 130 1.06 1.23 22.59% 4.67 5.43
Packaging & Container 25 0.55 0.74 40.51% 1.36 1.82
Paper/Forest Products 21 0.98 1.20 28.94% 3.38 4.14
Power 61 0.32 0.50 22.16% 1.47 2.28
Precious Metals 111 0.95 0.96 10.38% 9.12 9.28
Publishing & Newspapers 41 0.83 1.02 26.12% 3.16 3.90
R.E.I.T. 244 0.42 0.66 32.57% 1.29 2.02
Real Estate (Development) 20 0.61 0.75 15.65% 3.92 4.79
Real Estate (General/Diversified) 10 0.73 0.75 23.16% 3.17 3.22
Real Estate (Operations & Services) 60 0.80 1.02 20.67% 3.88 4.95
Recreation 70 0.73 0.85 20.73% 3.50 4.10
Reinsurance 3 0.47 0.52 54.02% 0.86 0.97
Restaurant/Dining 81 0.70 0.85 26.81% 2.60 3.17
Retail (Automotive) 25 0.65 1.01 28.91% 2.24 3.50
Retail (Building Supply) 8 0.76 0.86 32.97% 2.32 2.60
Retail (Distributors) 92 0.87 1.15 26.44% 3.29 4.34
Retail (General) 18 0.87 1.05 33.49% 2.61 3.14
Retail (Grocery and Food) 14 0.44 0.71 24.85% 1.77 2.84
Retail (Online) 61 1.12 1.18 21.74% 5.17 5.44
Retail (Special Lines) 106 0.82 1.11 27.02% 3.04 4.11
Rubber& Tires 4 0.64 0.95 27.70% 2.30 3.44
Semiconductor 72 1.16 1.17 35.38% 3.27 3.31
Semiconductor Equip 45 0.99 0.98 29.60% 3.33 3.32
Shipbuilding & Marine 9 1.01 1.34 19.71% 5.14 6.80
Shoe 11 0.86 0.88 29.52% 2.92 2.98
Software (Entertainment) 13 0.91 0.89 20.80% 4.38 4.28
Software (Internet) 305 1.20 1.20 18.40% 6.52 6.54
Software (System & Application) 255 1.02 1.09 23.26% 4.39 4.68
Steel 37 1.53 1.82 32.51% 4.71 5.59
Telecom (Wireless) 18 0.71 1.30 29.42% 2.41 4.42
Telecom. Equipment 104 0.96 1.03 25.18% 3.81 4.11
Telecom. Services 66 0.72 1.08 17.17% 4.19 6.31
Tobacco 24 1.15 1.26 16.31% 7.06 7.74
Transportation 18 0.80 0.95 35.62% 2.24 2.66
Transportation (Railroads) 8 0.87 1.01 29.42% 2.95 3.42
Trucking 30 0.81 1.20 30.61% 2.64 3.91
Utility (General) 18 0.20 0.29 20.98% 0.93 1.40
Utility (Water) 23 0.27 0.34 20.68% 1.29 1.66
Total Market 7247 0.72 1.00 24.43% 2.97 4.09
Total Market (without financials) 6057 0.90 1.07 23.71% 3.80 4.51