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on
which companies are included in each industry
| Industry Name |
Number of firms |
Average Unlevered Beta |
Average Levered Beta |
Average correlation with the market |
Total Unlevered Beta |
Total Levered Beta |
| Advertising |
54 |
1.20 |
1.34 |
22.01% |
5.43 |
6.08 |
| Aerospace/Defense |
67 |
0.80 |
0.90 |
28.80% |
2.78 |
3.13 |
| Air Transport |
24 |
0.76 |
1.24 |
24.79% |
3.08 |
4.99 |
| Apparel |
37 |
0.83 |
0.99 |
23.56% |
3.51 |
4.20 |
| Auto & Truck |
34 |
1.43 |
1.62 |
25.35% |
5.65 |
6.37 |
| Auto
Parts |
33 |
0.99 |
1.23 |
34.85% |
2.83 |
3.52 |
| Bank (Money Center) |
15 |
0.53 |
0.88 |
37.82% |
1.39 |
2.31 |
| Banks
(Regional) |
591 |
0.48 |
0.52 |
24.44% |
1.94 |
2.12 |
| Beverage (Alcoholic) |
18 |
0.51 |
0.61 |
14.93% |
3.39 |
4.09 |
| Beverage
(Soft) |
29 |
0.51 |
0.57 |
14.45% |
3.55 |
3.93 |
| Broadcasting |
22 |
0.48 |
0.92 |
21.38% |
2.23 |
4.29 |
| Brokerage
& Investment Banking |
30 |
0.47 |
0.95 |
39.50% |
1.19 |
2.41 |
| Building Materials |
39 |
1.23 |
1.36 |
44.70% |
2.76 |
3.04 |
| Business
& Consumer Services |
152 |
0.92 |
1.00 |
28.23% |
3.26 |
3.56 |
| Cable TV |
9 |
0.50 |
0.96 |
28.00% |
1.80 |
3.43 |
| Chemical
(Basic) |
31 |
0.86 |
1.15 |
27.78% |
3.10 |
4.13 |
| Chemical (Diversified) |
4 |
0.58 |
0.99 |
30.98% |
1.87 |
3.21 |
| Chemical
(Specialty) |
60 |
0.79 |
0.92 |
32.23% |
2.46 |
2.86 |
| Coal & Related Energy |
16 |
1.27 |
1.18 |
23.66% |
5.35 |
5.00 |
| Computer
Services |
63 |
1.09 |
1.23 |
26.84% |
4.07 |
4.60 |
| Computers/Peripherals |
35 |
1.12 |
1.14 |
28.06% |
3.98 |
4.07 |
| Construction
Supplies |
46 |
1.15 |
1.29 |
37.82% |
3.05 |
3.42 |
| Diversified |
21 |
1.01 |
1.09 |
27.14% |
3.74 |
4.02 |
| Drugs
(Biotechnology) |
535 |
1.17 |
1.25 |
21.83% |
5.35 |
5.73 |
| Drugs (Pharmaceutical) |
231 |
0.98 |
1.07 |
17.54% |
5.60 |
6.12 |
| Education |
29 |
0.92 |
0.98 |
26.82% |
3.44 |
3.67 |
| Electrical Equipment |
101 |
1.20 |
1.27 |
25.29% |
4.75 |
5.02 |
| Electronics
(Consumer & Office) |
11 |
0.95 |
0.92 |
22.92% |
4.16 |
4.01 |
| Electronics (General) |
122 |
1.01 |
1.06 |
28.07% |
3.60 |
3.77 |
| Engineering/Construction |
42 |
0.92 |
0.99 |
32.72% |
2.80 |
3.02 |
| Entertainment |
96 |
0.94 |
1.04 |
18.71% |
5.01 |
5.56 |
| Environmental
& Waste Services |
50 |
0.82 |
0.92 |
20.40% |
4.00 |
4.51 |
| Farming/Agriculture |
35 |
0.73 |
0.98 |
20.94% |
3.49 |
4.69 |
| Financial
Svcs. (Non-bank & Insurance) |
166 |
0.35 |
1.07 |
31.83% |
1.10 |
3.37 |
| Food Processing |
77 |
0.38 |
0.47 |
13.34% |
2.87 |
3.56 |
| Food
Wholesalers |
14 |
0.55 |
0.72 |
27.95% |
1.98 |
2.59 |
| Furn/Home Furnishings |
28 |
0.69 |
0.87 |
23.51% |
2.94 |
3.69 |
| Green
& Renewable Energy |
18 |
0.50 |
1.13 |
18.24% |
2.74 |
6.20 |
| Healthcare Products |
218 |
0.96 |
1.01 |
22.58% |
4.24 |
4.49 |
| Healthcare
Support Services |
113 |
0.82 |
0.94 |
17.81% |
4.58 |
5.28 |
| Heathcare Information and
Technology |
116 |
1.12 |
1.22 |
27.33% |
4.11 |
4.47 |
| Homebuilding |
30 |
1.38 |
1.43 |
42.13% |
3.27 |
3.39 |
| Hospitals/Healthcare Facilities |
33 |
0.57 |
0.86 |
22.65% |
2.50 |
3.78 |
| Hotel/Gaming |
65 |
0.95 |
1.19 |
33.34% |
2.85 |
3.58 |
| Household Products |
101 |
0.83 |
0.90 |
15.56% |
5.33 |
5.75 |
| Information
Services |
16 |
0.80 |
0.98 |
33.32% |
2.41 |
2.95 |
| Insurance (General) |
22 |
0.69 |
0.76 |
21.44% |
3.22 |
3.55 |
| Insurance
(Life) |
19 |
0.62 |
0.73 |
30.92% |
2.01 |
2.37 |
| Insurance (Prop/Cas.) |
53 |
0.57 |
0.61 |
23.27% |
2.45 |
2.60 |
| Investments
& Asset Management |
231 |
0.50 |
0.57 |
21.64% |
2.31 |
2.62 |
| Machinery |
109 |
0.98 |
1.07 |
35.74% |
2.75 |
2.99 |
| Metals
& Mining |
64 |
0.96 |
1.02 |
16.96% |
5.67 |
6.03 |
| Office Equipment & Services |
14 |
0.96 |
1.20 |
30.32% |
3.18 |
3.96 |
| Oil/Gas
(Integrated) |
4 |
0.46 |
0.48 |
20.55% |
2.22 |
2.35 |
| Oil/Gas (Production and
Exploration) |
147 |
0.75 |
0.88 |
17.28% |
4.37 |
5.07 |
| Oil/Gas
Distribution |
24 |
0.55 |
0.75 |
25.98% |
2.12 |
2.90 |
| Oilfield Svcs/Equip. |
97 |
0.78 |
0.94 |
21.54% |
3.61 |
4.35 |
| Packaging
& Container |
22 |
0.74 |
0.98 |
34.80% |
2.12 |
2.81 |
| Paper/Forest Products |
6 |
0.96 |
1.07 |
27.93% |
3.43 |
3.84 |
| Power |
48 |
0.34 |
0.54 |
23.64% |
1.45 |
2.29 |
| Precious Metals |
60 |
1.15 |
1.23 |
16.56% |
6.92 |
7.42 |
| Publishing
& Newspapers |
19 |
0.56 |
0.64 |
24.88% |
2.24 |
2.56 |
| R.E.I.T. |
192 |
0.59 |
0.95 |
41.71% |
1.43 |
2.27 |
| Real
Estate (Development) |
15 |
0.62 |
1.03 |
24.48% |
2.51 |
4.19 |
| Real Estate
(General/Diversified) |
11 |
0.74 |
0.86 |
23.58% |
3.12 |
3.66 |
| Real
Estate (Operations & Services) |
60 |
0.95 |
1.08 |
22.07% |
4.31 |
4.87 |
| Recreation |
50 |
0.93 |
1.33 |
27.94% |
3.34 |
4.75 |
| Reinsurance |
1 |
0.58 |
0.54 |
26.46% |
2.18 |
2.03 |
| Restaurant/Dining |
62 |
0.87 |
1.01 |
27.00% |
3.24 |
3.74 |
| Retail
(Automotive) |
29 |
0.99 |
1.35 |
33.60% |
2.95 |
4.03 |
| Retail (Building Supply) |
13 |
1.57 |
1.79 |
46.88% |
3.36 |
3.82 |
| Retail
(Distributors) |
66 |
0.93 |
1.12 |
34.75% |
2.66 |
3.21 |
| Retail (General) |
24 |
1.03 |
1.06 |
31.87% |
3.22 |
3.33 |
| Retail
(Grocery and Food) |
17 |
0.47 |
0.58 |
19.18% |
2.43 |
3.02 |
| Retail (REITs) |
28 |
0.69 |
0.95 |
43.32% |
1.58 |
2.19 |
| Retail
(Special Lines) |
98 |
1.06 |
1.22 |
24.31% |
4.36 |
5.04 |
| Rubber& Tires |
3 |
0.18 |
0.65 |
19.40% |
0.92 |
3.33 |
| Semiconductor |
63 |
1.46 |
1.49 |
39.61% |
3.69 |
3.75 |
| Semiconductor Equip |
30 |
1.47 |
1.48 |
43.35% |
3.40 |
3.43 |
| Shipbuilding
& Marine |
8 |
0.52 |
0.58 |
24.79% |
2.12 |
2.33 |
| Shoe |
12 |
1.41 |
1.42 |
31.39% |
4.49 |
4.54 |
| Software
(Entertainment) |
81 |
1.18 |
1.18 |
23.31% |
5.08 |
5.08 |
| Software (Internet) |
29 |
1.60 |
1.69 |
31.71% |
5.04 |
5.32 |
| Software
(System & Application) |
333 |
1.22 |
1.24 |
27.03% |
4.51 |
4.59 |
| Steel |
27 |
0.96 |
1.06 |
32.12% |
3.00 |
3.30 |
| Telecom
(Wireless) |
11 |
0.59 |
0.77 |
17.67% |
3.31 |
4.37 |
| Telecom. Equipment |
61 |
0.95 |
1.00 |
23.67% |
4.01 |
4.22 |
| Telecom.
Services |
32 |
0.52 |
0.89 |
15.61% |
3.30 |
5.68 |
| Tobacco |
12 |
0.83 |
0.98 |
15.31% |
5.39 |
6.40 |
| Transportation |
21 |
0.83 |
1.03 |
31.90% |
2.61 |
3.22 |
| Transportation (Railroads) |
4 |
0.83 |
0.99 |
47.57% |
1.74 |
2.08 |
| Trucking |
24 |
0.96 |
1.10 |
38.14% |
2.53 |
2.90 |
| Utility (General) |
14 |
0.25 |
0.39 |
24.09% |
1.04 |
1.63 |
| Utility
(Water) |
15 |
0.47 |
0.68 |
29.91% |
1.58 |
2.27 |
| Total Market |
6062 |
0.82 |
1.00 |
25.85% |
3.16 |
3.88 |
| Total
Market (without financials) |
4935 |
0.98 |
1.09 |
25.93% |
3.77 |
4.19 |
|
|
|
|
|
|
|
Total
Betas by Sector (for computing private company costs of equity) - US