Standard
Deviations by Sector (US)Data Used: Multiple data services
Date of Analysis: Data used is as of January 2026
Download as an excel file instead: https://www.stern.nyu.edu/~adamodar/pc/datasets/optvar.xls
For global datasets: https://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 | Std Deviation in Equity | Std Deviation in Firm Value | E/(D+E) | D/(D+E) |
| Advertising | 52 | 62.91% | 48.88% | 71.33% | 28.67% |
| Aerospace/Defense | 79 | 46.45% | 41.50% | 86.53% | 13.47% |
| Air Transport | 23 | 59.00% | 37.77% | 52.31% | 47.69% |
| Apparel | 35 | 46.26% | 37.64% | 76.17% | 23.83% |
| Auto & Truck | 33 | 61.83% | 53.81% | 83.55% | 16.45% |
| Auto Parts | 35 | 49.87% | 38.51% | 70.69% | 29.31% |
| Bank (Money Center) | 15 | 22.74% | 12.44% | 37.85% | 62.15% |
| Banks (Regional) | 568 | 22.68% | 16.69% | 65.75% | 34.25% |
| Beverage (Alcoholic) | 14 | 55.96% | 42.83% | 69.76% | 30.24% |
| Beverage (Soft) | 27 | 57.89% | 50.10% | 82.93% | 17.07% |
| Broadcasting | 24 | 46.62% | 30.33% | 53.81% | 46.19% |
| Brokerage & Investment Banking | 32 | 36.61% | 21.06% | 42.45% | 57.55% |
| Building Materials | 41 | 35.28% | 29.57% | 79.37% | 20.63% |
| Business & Consumer Services | 155 | 41.11% | 35.77% | 83.53% | 16.47% |
| Cable TV | 9 | 44.04% | 24.80% | 40.50% | 59.50% |
| Chemical (Basic) | 29 | 45.81% | 28.66% | 50.16% | 49.84% |
| Chemical (Diversified) | 4 | 39.04% | 20.97% | 36.22% | 63.78% |
| Chemical (Specialty) | 59 | 42.31% | 34.68% | 76.99% | 23.01% |
| Coal & Related Energy | 16 | 64.31% | 60.90% | 93.33% | 6.67% |
| Computer Services | 64 | 53.43% | 45.00% | 79.94% | 20.06% |
| Computers/Peripherals | 36 | 54.58% | 52.65% | 95.58% | 4.42% |
| Construction Supplies | 40 | 35.51% | 31.31% | 85.02% | 14.98% |
| Diversified | 20 | 28.41% | 25.39% | 86.54% | 13.46% |
| Drugs (Biotechnology) | 496 | 75.68% | 68.76% | 88.46% | 11.54% |
| Drugs (Pharmaceutical) | 228 | 76.64% | 68.95% | 87.31% | 12.69% |
| Education | 32 | 47.24% | 39.96% | 80.40% | 19.60% |
| Electrical Equipment | 112 | 72.71% | 66.53% | 89.28% | 10.72% |
| Electronics (Consumer & Office) | 8 | 70.18% | 67.12% | 94.51% | 5.49% |
| Electronics (General) | 114 | 51.84% | 47.76% | 90.08% | 9.92% |
| Engineering/Construction | 48 | 45.92% | 41.45% | 87.71% | 12.29% |
| Entertainment | 92 | 48.71% | 43.42% | 86.27% | 13.73% |
| Environmental & Waste Services | 53 | 54.91% | 47.27% | 82.34% | 17.66% |
| Farming/Agriculture | 35 | 50.79% | 37.40% | 65.86% | 34.14% |
| Financial Svcs. (Non-bank & Insurance | 176 | 42.47% | 20.65% | 26.87% | 73.13% |
| Food Processing | 78 | 43.47% | 33.20% | 69.57% | 30.43% |
| Food Wholesalers | 13 | 33.98% | 25.57% | 68.04% | 31.96% |
| Furn/Home Furnishings | 27 | 51.51% | 39.61% | 70.26% | 29.74% |
| Green & Renewable Energy | 15 | 65.14% | 39.35% | 46.92% | 53.08% |
| Healthcare Products | 204 | 61.79% | 56.24% | 88.66% | 11.34% |
| Healthcare Support Services | 104 | 47.24% | 37.60% | 73.84% | 26.16% |
| Heathcare Information and Technology | 115 | 63.78% | 56.92% | 86.40% | 13.60% |
| Homebuilding | 30 | 32.79% | 28.25% | 82.41% | 17.59% |
| Hospitals/Healthcare Facilities | 31 | 56.46% | 40.21% | 62.53% | 37.47% |
| Hotel/Gaming | 63 | 39.65% | 30.88% | 71.56% | 28.44% |
| Household Products | 110 | 55.46% | 48.74% | 84.64% | 15.36% |
| Information Services | 15 | 32.38% | 26.07% | 75.09% | 24.91% |
| Insurance (General) | 21 | 46.07% | 38.69% | 79.60% | 20.40% |
| Insurance (Life) | 20 | 35.15% | 24.29% | 59.58% | 40.42% |
| Insurance (Prop/Cas.) | 57 | 28.70% | 25.76% | 87.09% | 12.91% |
| Investments & Asset Management | 283 | 30.04% | 24.26% | 75.36% | 24.64% |
| Machinery | 105 | 45.03% | 40.47% | 87.19% | 12.81% |
| Metals & Mining | 73 | 77.56% | 71.47% | 90.10% | 9.90% |
| Office Equipment & Services | 14 | 39.61% | 29.65% | 67.52% | 32.48% |
| Oil/Gas (Integrated) | 4 | 20.27% | 18.32% | 87.84% | 12.16% |
| Oil/Gas (Production and Exploration) | 142 | 42.22% | 33.23% | 72.68% | 27.32% |
| Oil/Gas Distribution | 23 | 42.24% | 30.25% | 63.08% | 36.92% |
| Oilfield Svcs/Equip. | 97 | 48.32% | 38.08% | 72.80% | 27.20% |
| Packaging & Container | 19 | 25.45% | 18.48% | 64.47% | 35.53% |
| Paper/Forest Products | 6 | 56.94% | 43.51% | 69.60% | 30.40% |
| Power | 46 | 25.38% | 17.15% | 57.42% | 42.58% |
| Precious Metals | 56 | 69.95% | 66.17% | 93.21% | 6.79% |
| Publishing & Newspapers | 19 | 35.93% | 30.47% | 80.68% | 19.32% |
| R.E.I.T. | 190 | 26.37% | 17.23% | 54.21% | 45.79% |
| Real Estate (Development) | 14 | 52.10% | 32.38% | 49.55% | 50.45% |
| Real Estate (General/Diversified) | 12 | 31.21% | 22.81% | 65.12% | 34.88% |
| Real Estate (Operations & Services) | 54 | 50.56% | 42.70% | 80.23% | 19.77% |
| Recreation | 49 | 48.31% | 33.99% | 61.35% | 38.65% |
| Reinsurance | 1 | 19.21% | 14.69% | 69.70% | 30.30% |
| Restaurant/Dining | 64 | 41.15% | 34.24% | 78.60% | 21.40% |
| Retail (Automotive) | 34 | 44.58% | 33.80% | 68.80% | 31.20% |
| Retail (Building Supply) | 14 | 45.88% | 39.07% | 81.11% | 18.89% |
| Retail (Distributors) | 62 | 39.29% | 32.51% | 77.98% | 22.02% |
| Retail (General) | 23 | 43.34% | 40.81% | 92.64% | 7.36% |
| Retail (Grocery and Food) | 15 | 49.42% | 36.38% | 65.81% | 34.19% |
| Retail (REITs) | 26 | 18.77% | 13.56% | 63.93% | 36.07% |
| Retail (Special Lines) | 94 | 53.25% | 46.32% | 83.50% | 16.50% |
| Rubber& Tires | 3 | 50.77% | 23.46% | 21.81% | 78.19% |
| Semiconductor | 66 | 55.83% | 54.70% | 97.47% | 2.53% |
| Semiconductor Equip | 31 | 50.08% | 48.23% | 95.36% | 4.64% |
| Shipbuilding & Marine | 8 | 50.09% | 42.83% | 81.60% | 18.40% |
| Shoe | 11 | 50.08% | 45.85% | 89.33% | 10.67% |
| Software (Entertainment) | 77 | 57.06% | 56.15% | 98.00% | 2.00% |
| Software (Internet) | 29 | 52.61% | 48.04% | 89.05% | 10.95% |
| Software (System & Application) | 309 | 56.79% | 54.40% | 94.72% | 5.28% |
| Steel | 19 | 38.51% | 32.74% | 80.96% | 19.04% |
| Telecom (Wireless) | 12 | 40.18% | 29.58% | 65.81% | 34.19% |
| Telecom. Equipment | 57 | 55.26% | 51.56% | 91.56% | 8.44% |
| Telecom. Services | 39 | 60.29% | 38.06% | 51.00% | 49.00% |
| Tobacco | 10 | 65.96% | 56.26% | 81.32% | 18.68% |
| Transportation | 19 | 38.13% | 30.19% | 73.29% | 26.71% |
| Transportation (Railroads) | 4 | 23.90% | 19.82% | 78.25% | 21.75% |
| Trucking | 26 | 35.29% | 29.70% | 79.85% | 20.15% |
| Utility (General) | 14 | 14.96% | 9.87% | 55.10% | 44.90% |
| Utility (Water) | 14 | 29.60% | 20.88% | 61.59% | 38.41% |
| Total Market | 5994 | 48.07% | 38.31% | 73.98% | 26.02% |
| Total Market (without financials) | 4822 | 52.76% | 46.62% | 85.26% | 14.74% |
Last Updated in January 2026
By Aswath Damodaran