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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 |
52 |
1.01 |
1.21 |
21.00% |
4.80 |
5.76 |
| Aerospace/Defense |
79 |
0.87 |
0.95 |
31.79% |
2.73 |
2.97 |
| Air Transport |
23 |
0.76 |
1.19 |
29.16% |
2.60 |
4.07 |
| Apparel |
35 |
0.79 |
0.94 |
26.60% |
2.99 |
3.52 |
| Auto & Truck |
33 |
1.31 |
1.46 |
18.49% |
7.07 |
7.88 |
| Auto
Parts |
35 |
1.13 |
1.34 |
28.18% |
4.00 |
4.75 |
| Bank (Money Center) |
15 |
0.44 |
0.76 |
43.40% |
1.02 |
1.75 |
| Banks
(Regional) |
568 |
0.37 |
0.40 |
24.85% |
1.51 |
1.60 |
| Beverage (Alcoholic) |
14 |
0.63 |
0.81 |
16.23% |
3.87 |
5.01 |
| Beverage
(Soft) |
27 |
0.58 |
0.64 |
11.80% |
4.88 |
5.44 |
| Broadcasting |
24 |
0.32 |
0.47 |
14.44% |
2.18 |
3.26 |
| Brokerage
& Investment Banking |
32 |
0.68 |
1.17 |
46.66% |
1.46 |
2.51 |
| Building Materials |
41 |
0.96 |
1.11 |
39.00% |
2.46 |
2.85 |
| Business
& Consumer Services |
155 |
0.81 |
0.89 |
24.92% |
3.23 |
3.56 |
| Cable TV |
9 |
0.36 |
0.74 |
21.90% |
1.66 |
3.38 |
| Chemical
(Basic) |
29 |
0.64 |
1.01 |
26.99% |
2.36 |
3.75 |
| Chemical (Diversified) |
4 |
0.41 |
0.85 |
36.40% |
1.12 |
2.34 |
| Chemical
(Specialty) |
59 |
0.82 |
0.97 |
31.73% |
2.60 |
3.06 |
| Coal & Related Energy |
16 |
1.18 |
1.07 |
26.79% |
4.41 |
4.00 |
| Computer
Services |
64 |
0.96 |
1.09 |
25.57% |
3.76 |
4.25 |
| Computers/Peripherals |
36 |
1.32 |
1.35 |
32.96% |
4.02 |
4.10 |
| Construction
Supplies |
40 |
1.05 |
1.15 |
37.10% |
2.82 |
3.10 |
| Diversified |
20 |
0.84 |
0.88 |
23.88% |
3.53 |
3.69 |
| Drugs
(Biotechnology) |
496 |
1.08 |
1.14 |
20.68% |
5.22 |
5.49 |
| Drugs (Pharmaceutical) |
228 |
0.92 |
0.98 |
17.10% |
5.35 |
5.75 |
| Education |
32 |
0.72 |
0.78 |
24.48% |
2.94 |
3.19 |
| Electrical Equipment |
112 |
1.19 |
1.25 |
24.70% |
4.82 |
5.07 |
| Electronics
(Consumer & Office) |
8 |
0.93 |
0.87 |
19.00% |
4.88 |
4.56 |
| Electronics (General) |
114 |
0.94 |
0.97 |
29.97% |
3.13 |
3.24 |
| Engineering/Construction |
48 |
1.14 |
1.21 |
40.25% |
2.83 |
3.01 |
| Entertainment |
92 |
0.76 |
0.83 |
20.13% |
3.79 |
4.10 |
| Environmental
& Waste Services |
53 |
0.82 |
0.95 |
17.55% |
4.70 |
5.39 |
| Farming/Agriculture |
35 |
0.85 |
1.13 |
23.75% |
3.56 |
4.75 |
| Financial
Svcs. (Non-bank & Insurance) |
176 |
0.33 |
0.97 |
27.86% |
1.18 |
3.48 |
| Food Processing |
78 |
0.47 |
0.61 |
12.50% |
3.76 |
4.86 |
| Food
Wholesalers |
13 |
0.65 |
0.87 |
22.09% |
2.93 |
3.92 |
| Furn/Home Furnishings |
27 |
0.65 |
0.82 |
23.83% |
2.74 |
3.45 |
| Green
& Renewable Energy |
15 |
0.47 |
0.86 |
18.07% |
2.61 |
4.74 |
| Healthcare Products |
204 |
0.86 |
0.91 |
21.22% |
4.04 |
4.28 |
| Healthcare
Support Services |
104 |
0.74 |
0.87 |
17.27% |
4.31 |
5.05 |
| Heathcare Information and
Technology |
115 |
1.02 |
1.11 |
24.73% |
4.11 |
4.48 |
| Homebuilding |
30 |
0.85 |
0.91 |
27.97% |
3.05 |
3.26 |
| Hospitals/Healthcare Facilities |
31 |
0.56 |
0.80 |
19.70% |
2.87 |
4.06 |
| Hotel/Gaming |
63 |
0.88 |
1.08 |
30.17% |
2.90 |
3.58 |
| Household Products |
110 |
0.74 |
0.82 |
14.40% |
5.15 |
5.66 |
| Information
Services |
15 |
0.76 |
0.92 |
26.22% |
2.88 |
3.51 |
| Insurance (General) |
21 |
0.58 |
0.67 |
18.50% |
3.12 |
3.63 |
| Insurance
(Life) |
20 |
0.53 |
0.64 |
33.07% |
1.61 |
1.95 |
| Insurance (Prop/Cas.) |
57 |
0.46 |
0.48 |
21.73% |
2.10 |
2.23 |
| Investments
& Asset Management |
283 |
0.59 |
0.66 |
26.14% |
2.25 |
2.52 |
| Machinery |
105 |
0.89 |
0.96 |
36.31% |
2.46 |
2.65 |
| Metals
& Mining |
73 |
1.01 |
1.04 |
15.65% |
6.46 |
6.66 |
| Office Equipment & Services |
14 |
1.04 |
1.33 |
31.74% |
3.27 |
4.20 |
| Oil/Gas
(Integrated) |
4 |
0.28 |
0.30 |
20.84% |
1.33 |
1.44 |
| Oil/Gas (Production and
Exploration) |
142 |
0.58 |
0.72 |
18.81% |
3.08 |
3.84 |
| Oil/Gas
Distribution |
23 |
0.47 |
0.67 |
26.65% |
1.76 |
2.51 |
| Oilfield Svcs/Equip. |
97 |
0.79 |
0.95 |
27.26% |
2.89 |
3.49 |
| Packaging
& Container |
19 |
0.75 |
1.02 |
34.63% |
2.16 |
2.95 |
| Paper/Forest Products |
6 |
0.77 |
0.96 |
29.14% |
2.64 |
3.29 |
| Power |
46 |
0.31 |
0.48 |
17.79% |
1.77 |
2.71 |
| Precious Metals |
56 |
0.83 |
0.84 |
14.03% |
5.92 |
5.96 |
| Publishing
& Newspapers |
19 |
0.51 |
0.56 |
25.20% |
2.03 |
2.23 |
| R.E.I.T. |
190 |
0.40 |
0.64 |
28.88% |
1.39 |
2.22 |
| Real
Estate (Development) |
14 |
0.56 |
0.84 |
17.74% |
3.18 |
4.76 |
| Real Estate
(General/Diversified) |
12 |
0.63 |
0.81 |
17.16% |
3.65 |
4.72 |
| Real
Estate (Operations & Services) |
54 |
0.86 |
0.97 |
22.78% |
3.76 |
4.24 |
| Recreation |
49 |
0.74 |
1.02 |
27.89% |
2.64 |
3.67 |
| Reinsurance |
1 |
0.58 |
0.58 |
43.47% |
1.33 |
1.34 |
| Restaurant/Dining |
64 |
0.78 |
0.92 |
24.03% |
3.26 |
3.84 |
| Retail
(Automotive) |
34 |
0.71 |
0.94 |
27.78% |
2.57 |
3.37 |
| Retail (Building Supply) |
14 |
1.32 |
1.54 |
43.66% |
3.02 |
3.52 |
| Retail
(Distributors) |
62 |
0.80 |
0.95 |
32.33% |
2.48 |
2.93 |
| Retail (General) |
23 |
0.78 |
0.81 |
28.27% |
2.76 |
2.85 |
| Retail
(Grocery and Food) |
15 |
0.85 |
1.12 |
17.43% |
4.87 |
6.42 |
| Retail (REITs) |
26 |
0.44 |
0.62 |
30.70% |
1.44 |
2.02 |
| Retail
(Special Lines) |
94 |
1.00 |
1.09 |
24.88% |
4.03 |
4.38 |
| Rubber& Tires |
3 |
0.15 |
0.53 |
20.11% |
0.77 |
2.63 |
| Semiconductor |
66 |
1.50 |
1.52 |
42.31% |
3.56 |
3.59 |
| Semiconductor Equip |
31 |
1.39 |
1.40 |
45.06% |
3.09 |
3.10 |
| Shipbuilding
& Marine |
8 |
0.66 |
0.75 |
39.59% |
1.67 |
1.90 |
| Shoe |
11 |
1.00 |
1.02 |
27.98% |
3.57 |
3.64 |
| Software
(Entertainment) |
77 |
1.02 |
1.03 |
23.47% |
4.35 |
4.38 |
| Software (Internet) |
29 |
1.59 |
1.69 |
30.40% |
5.23 |
5.56 |
| Software
(System & Application) |
309 |
1.25 |
1.28 |
26.89% |
4.64 |
4.75 |
| Steel |
19 |
0.94 |
1.06 |
40.88% |
2.31 |
2.60 |
| Telecom
(Wireless) |
12 |
0.39 |
0.54 |
16.81% |
2.33 |
3.20 |
| Telecom. Equipment |
57 |
0.89 |
0.92 |
26.65% |
3.33 |
3.46 |
| Telecom.
Services |
39 |
0.38 |
0.63 |
11.98% |
3.18 |
5.25 |
| Tobacco |
10 |
0.69 |
0.79 |
13.15% |
5.25 |
6.04 |
| Transportation |
19 |
0.71 |
0.86 |
32.27% |
2.20 |
2.66 |
| Transportation (Railroads) |
4 |
0.81 |
0.98 |
50.27% |
1.62 |
1.94 |
| Trucking |
26 |
0.87 |
1.01 |
36.24% |
2.40 |
2.79 |
| Utility (General) |
14 |
0.15 |
0.24 |
15.31% |
0.97 |
1.56 |
| Utility
(Water) |
14 |
0.28 |
0.41 |
14.88% |
1.90 |
2.77 |
| Total Market |
5994 |
0.76 |
0.91 |
24.91% |
3.03 |
3.66 |
| Total
Market (without financials) |
4822 |
0.90 |
0.99 |
24.56% |
3.67 |
4.04 |
|
|
|
|
|
|
|
Total
Betas by Sector (for computing private company costs of equity) - US