Betas by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2024

Download as an excel file instead: https://www.stern.nyu.edu/~adamodar/pc/datasets/betas.xls

For global datasets: https://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html

YouTube Video explaining data: https://www.youtube.com/watch?v=rxmttgceSjg

can be obtained by clicking here

on which companies are included in each industry


Industry Name Number of firms Beta  D/E Ratio Effective Tax rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk Standard deviation of equity Standard deviation in operating income (last 10 years) 2020 2021 2022 2023 Average (2020-24)
Advertising 57 1.37 33.76% 5.44% 1.10 7.25% 1.18 0.6204 56.41% 14.94% 0.93 0.77 1.10 1.35 1.07
Aerospace/Defense 70 1.08 25.46% 7.28% 0.90 2.90% 0.93 0.4584 36.40% 19.50% 1.08 0.91 1.11 1.23 1.05
Air Transport 25 1.27 162.15% 8.62% 0.57 10.71% 0.64 0.5221 44.65% 215.30% 0.84 0.91 0.91 0.69 0.80
Apparel 38 1.19 48.76% 10.19% 0.87 5.89% 0.93 0.4816 37.04% 24.04% 0.83 0.94 1.10 1.02 0.96
Auto & Truck 34 1.52 31.02% 3.12% 1.24 5.29% 1.30 0.7081 59.70% 48.10% 0.53 1.05 1.02 1.23 1.03
Auto Parts 39 1.34 38.44% 14.62% 1.04 6.92% 1.12 0.4652 37.07% 20.99% 0.95 1.09 1.21 1.20 1.11
Bank (Money Center) 15 1.06 216.16% 17.69% 0.40 37.13% 0.64 0.3109 22.51% NA 0.56 0.59 1.03 0.74 0.71
Banks (Regional) 625 0.46 101.95% 17.69% 0.26 21.61% 0.33 0.2398 18.68% 75.66% 0.43 0.6 0.84 0.41 0.52
Beverage (Alcoholic) 19 1.13 24.46% 10.42% 0.96 1.43% 0.97 0.5270 49.70% 26.87% 0.92 0.67 0.72 0.88 0.83
Beverage (Soft) 29 0.76 17.12% 6.68% 0.68 3.51% 0.70 0.5619 42.96% 11.39% 1.09 0.71 1.12 1.20 0.96
Broadcasting 22 1.06 176.40% 7.85% 0.46 8.62% 0.50 0.5134 38.46% 29.65% 0.73 0.65 0.81 0.70 0.68
Brokerage & Investment Banking 27 1.12 226.06% 16.84% 0.42 24.54% 0.55 0.3272 25.21% 45.89% 0.57 0.57 0.67 0.69 0.61
Building Materials 44 1.32 18.15% 19.94% 1.16 4.06% 1.21 0.3866 28.72% 52.15% 1.02 0.97 1.09 1.10 1.08
Business & Consumer Services 162 1.02 17.94% 10.84% 0.90 3.09% 0.93 0.4878 41.29% 23.55% 0.89 0.83 0.99 1.02 0.93
Cable TV 10 1.28 101.72% 23.72% 0.72 1.54% 0.74 0.4199 33.01% 27.25% 0.78 0.7 0.66 0.71 0.72
Chemical (Basic) 32 1.10 45.68% 8.93% 0.82 6.65% 0.87 0.4855 38.92% 40.82% 0.99 0.76 0.94 0.96 0.90
Chemical (Diversified) 4 1.13 69.53% 14.89% 0.74 8.43% 0.81 0.3012 37.24% 34.91% 1.21 1.03 1.21 1.09 1.07
Chemical (Specialty) 68 1.09 26.82% 10.40% 0.91 3.50% 0.94 0.4443 36.60% 18.60% 0.96 0.82 1.00 1.12 0.97
Coal & Related Energy 18 1.27 22.54% 2.62% 1.09 12.53% 1.24 0.5084 55.69% 415.49% 1.05 0.56 0.82 1.43 1.02
Computer Services 72 1.00 29.14% 7.78% 0.82 4.69% 0.86 0.5750 49.61% 25.48% 0.95 0.94 1.06 0.99 0.96
Computers/Peripherals 36 1.13 6.09% 8.67% 1.08 1.54% 1.10 0.4390 38.90% 29.08% 1.64 1.14 1.25 1.23 1.27
Construction Supplies 11 0.94 16.26% 13.94% 0.84 1.71% 0.85 0.2832 30.30% 42.30% 1.10 0.87 0.98 1.08 0.98
Diversified 23 1.19 19.15% 5.25% 1.04 4.36% 1.09 0.5455 52.25% 66.70% 1.25 0.89 0.70 0.94 0.97
Drugs (Biotechnology) 572 1.12 16.39% 0.81% 1.00 8.15% 1.09 0.6317 61.98% 27.24% 1.39 0.85 0.97 1.20 1.10
Drugs (Pharmaceutical) 245 1.03 16.05% 2.89% 0.92 2.90% 0.94 0.6616 65.30% 29.08% 1.29 0.84 1.01 1.18 1.05
Education 31 1.23 19.59% 11.15% 1.07 6.85% 1.15 0.5404 43.78% 17.18% 1.36 1.07 1.10 0.99 1.13
Electrical Equipment 103 1.24 21.39% 5.66% 1.07 6.66% 1.15 0.6200 54.42% 16.70% 1.31 1 1.19 1.43 1.22
Electronics (Consumer & Office) 13 1.30 18.32% 7.31% 1.14 12.61% 1.30 0.5283 39.42% 267.07% 1.25 1.01 1.06 1.61 1.25
Electronics (General) 129 0.93 17.20% 8.17% 0.83 5.69% 0.88 0.4870 42.94% 28.54% 1.07 0.86 1.05 1.12 1.00
Engineering/Construction 77 1.06 26.75% 14.69% 0.88 4.63% 0.92 0.4277 36.59% 18.99% 1.33 0.95 0.97 1.02 1.04
Entertainment 98 0.99 28.75% 3.25% 0.82 5.49% 0.87 0.6154 61.19% 30.69% 1.20 0.84 0.96 1.25 1.02
Environmental & Waste Services 57 0.91 21.95% 5.42% 0.78 0.88% 0.79 0.5505 46.07% 23.51% 1.05 0.82 1.09 0.86 0.92
Farming/Agriculture 42 0.99 45.30% 6.68% 0.74 3.78% 0.77 0.5790 54.14% 41.41% 0.63 0.68 0.85 0.93 0.77
Financial Svcs. (Non-bank & Insurance) 192 1.14 342.77% 10.40% 0.32 2.81% 0.33 0.4132 38.10% 40.46% 0.10 0.11 0.15 0.11 0.16
Food Processing 93 0.71 36.79% 9.04% 0.55 2.56% 0.57 0.4590 35.52% 11.57% 0.70 0.53 0.63 0.77 0.64
Food Wholesalers 14 0.97 44.63% 15.90% 0.72 1.57% 0.74 0.4094 27.30% 29.49% 0.66 0.8 1.08 0.85 0.82
Furn/Home Furnishings 31 1.11 47.55% 13.94% 0.82 5.24% 0.86 0.4512 46.65% 23.42% 0.82 0.78 0.99 0.95 0.88
Green & Renewable Energy 17 1.11 141.41% 4.39% 0.54 3.42% 0.56 0.6005 57.34% 49.86% 0.59 0.68 1.10 0.88 0.76
Healthcare Products 230 1.06 12.66% 4.81% 0.97 3.53% 1.01 0.5730 52.21% 32.96% 0.98 0.8 0.91 1.10 0.96
Healthcare Support Services 119 1.03 26.86% 8.08% 0.86 8.60% 0.94 0.5223 49.53% 26.95% 0.95 0.74 0.95 1.07 0.93
Heathcare Information and Technology 128 1.27 16.07% 3.11% 1.14 4.20% 1.19 0.5607 54.15% 50.83% 1.15 0.75 0.91 1.37 1.07
Homebuilding 32 1.37 16.42% 17.22% 1.22 9.92% 1.35 0.4785 32.31% 75.83% 0.66 1.33 1.59 1.33 1.25
Hospitals/Healthcare Facilities 32 0.88 79.74% 6.86% 0.55 1.71% 0.56 0.5809 46.33% 17.04% 0.63 0.8 0.96 0.72 0.73
Hotel/Gaming 68 1.34 48.67% 8.63% 0.98 6.11% 1.05 0.4554 40.80% 104.49% 0.91 1.19 1.44 1.06 1.13
Household Products 19 0.78 14.79% 12.10% 0.70 2.50% 0.72 0.3404 30.17% 7.17% 0.94 0.68 0.92 1.06 0.86
Information Services 18 0.93 35.67% 15.79% 0.73 4.93% 0.77 0.4433 33.83% 45.18% 1.03 0.97 1.20 1.33 1.06
Insurance (General) 21 1.03 25.93% 13.69% 0.86 3.32% 0.89 0.4100 40.38% 48.45% 0.59 0.56 0.81 1.03 0.78
Insurance (Life) 23 0.77 92.25% 10.18% 0.45 16.16% 0.54 0.3132 30.85% 23.09% 0.73 0.64 0.88 0.67 0.69
Insurance (Prop/Cas.) 50 0.74 19.38% 12.42% 0.64 4.47% 0.68 0.2954 27.40% 29.80% 0.59 0.58 0.78 0.73 0.67
Investments & Asset Management 334 0.46 40.34% 11.33% 0.35 10.33% 0.39 0.2313 15.15% 23.34% 0.86 0.78 0.97 0.54 0.71
Machinery 103 1.03 16.86% 11.73% 0.91 2.85% 0.94 0.4315 33.44% 18.51% 1.10 0.96 1.18 1.09 1.05
Metals & Mining 68 0.96 15.82% 2.00% 0.86 5.67% 0.91 0.6448 60.56% 54.71% 1.09 0.82 1.13 1.22 1.03
Office Equipment & Services 17 1.14 52.57% 17.12% 0.82 6.76% 0.88 0.4386 30.28% 17.63% 1.24 0.83 1.11 0.84 0.98
Oil/Gas (Integrated) 4 0.67 12.50% 21.18% 0.61 4.80% 0.64 0.1559 26.44% 107.82% 1.12 0.98 1.25 0.95 0.99
Oil/Gas (Production and Exploration) 166 0.93 23.28% 5.61% 0.79 3.62% 0.82 0.5028 46.31% 208.46% 1.08 0.81 1.13 1.14 0.99
Oil/Gas Distribution 24 0.79 70.22% 9.25% 0.52 2.11% 0.53 0.3581 32.55% 38.82% 0.62 0.6 0.86 0.66 0.65
Oilfield Svcs/Equip. 100 0.98 32.14% 10.88% 0.79 7.46% 0.85 0.4776 43.73% 80.50% 1.22 0.83 1.18 1.19 1.05
Packaging & Container 11 0.87 71.48% 21.57% 0.56 4.92% 0.59 0.2007 22.80% 16.13% 0.68 0.68 0.78 0.67 0.68
Paper/Forest Products 7 1.94 37.37% 12.91% 1.51 4.80% 1.59 0.4489 43.04% 82.96% 1.25 0.96 1.00 1.13 1.19
Power 50 0.65 92.92% 13.69% 0.38 1.31% 0.39 0.2732 20.39% 5.89% 0.38 0.43 0.56 0.46 0.44
Precious Metals 61 0.87 15.21% 1.98% 0.78 6.03% 0.83 0.6278 63.61% 56.84% 1.33 0.75 0.99 1.19 1.02
Publishing & Newspapers 13 0.92 28.73% 10.66% 0.76 6.40% 0.81 0.3169 31.02% 22.30% 0.76 1.1 1.46 0.91 1.01
R.E.I.T. 181 1.02 79.77% 1.97% 0.64 1.97% 0.65 0.2777 23.59% 20.10% 0.43 0.79 0.99 0.69 0.71
Real Estate (Development) 17 0.67 94.10% 1.45% 0.39 9.15% 0.43 0.5888 34.24% 76.28% 0.89 0.56 0.74 0.88 0.70
Real Estate (General/Diversified) 11 0.56 31.88% 13.21% 0.45 11.26% 0.51 0.3477 35.91% 98.73% 1.50 0.76 0.83 0.66 0.85
Real Estate (Operations & Services) 60 1.08 44.57% 4.29% 0.81 8.30% 0.88 0.4821 44.19% 99.42% 0.68 0.75 0.87 0.81 0.80
Recreation 55 1.17 58.57% 8.26% 0.81 4.13% 0.85 0.5084 44.30% 24.03% 0.75 0.77 1.07 1.08 0.90
Reinsurance 1 0.66 42.54% 22.95% 0.50 18.56% 0.61 0.1702 17.09% 21.78% 0.77 1.13 1.30 0.83 0.93
Restaurant/Dining 64 1.19 25.73% 11.41% 1.00 2.24% 1.02 0.4028 35.37% 16.64% 0.75 1.11 1.33 1.17 1.08
Retail (Automotive) 30 1.49 57.51% 13.50% 1.04 1.38% 1.06 0.4974 46.79% 32.50% 0.87 0.99 1.12 1.08 1.02
Retail (Building Supply) 16 1.94 19.92% 12.59% 1.69 1.05% 1.70 0.4087 45.21% 35.75% 1.15 1.43 1.42 1.57 1.45
Retail (Distributors) 62 1.11 32.29% 15.76% 0.89 2.08% 0.91 0.4378 37.74% 36.36% 0.89 0.75 1.06 1.01 0.92
Retail (General) 26 1.25 13.42% 14.58% 1.13 3.28% 1.17 0.4185 38.28% 21.76% 0.95 0.81 1.04 1.22 1.04
Retail (Grocery and Food) 14 0.49 55.84% 16.88% 0.35 4.62% 0.36 0.3786 25.65% 35.08% 0.35 0.15 0.21 0.47 0.31
Retail (REITs) 28 1.12 58.84% 2.53% 0.78 1.14% 0.79 0.2340 20.72% 11.63% 1.16 1.14 1.07 1.36 1.10
Retail (Special Lines) 105 1.18 36.15% 9.53% 0.93 4.49% 0.97 0.5098 44.01% 21.61% 0.69 1.03 1.23 1.19 1.02
Rubber& Tires 3 0.67 235.28% 0.00% 0.24 7.29% 0.26 0.3449 40.77% 52.82% 0.45 0.54 0.59 0.27 0.42
Semiconductor 63 1.50 6.05% 4.89% 1.43 2.04% 1.46 0.4535 41.47% 34.93% 1.24 0.96 1.14 1.53 1.27
Semiconductor Equip 30 1.53 7.78% 12.14% 1.44 4.24% 1.51 0.3766 37.04% 67.07% 1.25 1.07 1.34 1.69 1.37
Shipbuilding & Marine 8 0.81 29.77% 6.74% 0.66 3.46% 0.69 0.3448 45.07% 91.44% 1.57 0.74 0.80 0.78 0.92
Shoe 13 1.29 8.71% 11.31% 1.21 4.77% 1.27 0.4673 36.28% 28.18% 0.83 0.98 1.19 1.29 1.11
Software (Entertainment) 84 1.11 3.15% 5.11% 1.08 2.78% 1.11 0.6102 52.79% 62.14% 1.29 0.96 1.21 1.36 1.18
Software (Internet) 35 1.62 11.98% 2.61% 1.48 1.91% 1.51 0.5394 65.22% 374.09% 1.50 0.75 0.98 1.42 1.23
Software (System & Application) 351 1.29 6.20% 4.19% 1.24 2.83% 1.27 0.5848 52.09% 35.93% 1.15 0.89 1.12 1.41 1.17
Steel 29 1.13 20.18% 15.72% 0.98 9.21% 1.08 0.3620 38.10% 115.45% 1.29 0.78 0.98 1.21 1.07
Telecom (Wireless) 13 1.09 64.16% 9.56% 0.73 1.77% 0.75 0.6313 60.31% 70.80% 0.60 0.39 0.63 0.71 0.61
Telecom. Equipment 66 1.08 11.41% 6.20% 1.00 4.81% 1.05 0.5647 46.62% 11.85% 0.84 0.83 1.06 1.18 0.99
Telecom. Services 42 0.78 124.91% 6.62% 0.41 2.19% 0.41 0.5662 50.42% 14.96% 0.67 0.42 0.51 0.47 0.50
Tobacco 16 1.22 34.90% 9.95% 0.97 1.78% 0.99 0.5792 48.00% 8.73% 1.43 0.61 0.86 1.74 1.13
Transportation 110 1.00 30.85% 6.99% 0.81 4.06% 0.84 0.6222 56.20% 43.54% 0.96 0.79 0.72 0.92 0.85
Transportation (Railroads) 4 1.02 26.81% 17.28% 0.85 1.06% 0.86 0.1868 22.28% 13.49% 1.89 0.74 0.65 0.93 1.01
Trucking 22 1.15 19.95% 20.21% 1.00 2.94% 1.03 0.3430 28.33% 42.22% 1.04 0.94 1.28 1.23 1.10
Utility (General) 14 0.58 84.84% 14.05% 0.35 0.58% 0.36 0.1505 14.93% 9.83% 0.19 0.48 0.60 0.41 0.41
Utility (Water) 13 0.71 50.89% 11.09% 0.52 1.07% 0.52 0.2951 42.03% 15.08% 0.57 0.57 0.61 0.87 0.63
Total Market 6481 1.00 46.42% 8.35% 0.74 6.13% 0.79 0.4722 42.03% 23.07% 0.83 0.75 0.91 0.88 0.83
Total Market (without financials) 5194 1.10 22.50% 6.81% 0.94 3.49% 0.97 0.5217 47.06% 23.14% 1.01 0.86 1.04 1.12 1.00

 

 



Last Updated in January 2024
By Aswath Damodaran