Betas
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/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) |
| Advertising | 52 | 1.21 | 40.20% | 5.02% | 0.93 | 7.73% | 1.01 | 0.6233 | 62.91% | 15.17% |
| Aerospace/Defense | 79 | 0.95 | 15.56% | 11.58% | 0.85 | 2.61% | 0.87 | 0.5213 | 46.45% | 21.86% |
| Air Transport | 23 | 1.19 | 91.17% | 8.29% | 0.70 | 7.11% | 0.76 | 0.5152 | 59.00% | 210.43% |
| Apparel | 35 | 0.94 | 31.29% | 9.61% | 0.76 | 4.60% | 0.79 | 0.5786 | 46.26% | 26.80% |
| Auto & Truck | 33 | 1.46 | 19.70% | 3.74% | 1.27 | 2.99% | 1.31 | 0.7242 | 61.83% | 38.88% |
| Auto Parts | 35 | 1.34 | 41.46% | 15.00% | 1.02 | 9.45% | 1.13 | 0.5243 | 49.87% | 21.22% |
| Bank (Money Center) | 15 | 0.76 | 164.19% | 18.43% | 0.34 | 23.17% | 0.44 | 0.2310 | 22.74% | NA |
| Banks (Regional) | 568 | 0.40 | 52.10% | 17.61% | 0.29 | 23.48% | 0.37 | 0.1917 | 22.68% | 55.33% |
| Beverage (Alcoholic) | 14 | 0.81 | 43.34% | 12.35% | 0.61 | 2.37% | 0.63 | 0.5830 | 55.96% | 18.74% |
| Beverage (Soft) | 27 | 0.64 | 20.59% | 6.85% | 0.56 | 3.44% | 0.58 | 0.6187 | 57.89% | 18.65% |
| Broadcasting | 24 | 0.47 | 85.85% | 7.73% | 0.29 | 9.18% | 0.32 | 0.5721 | 46.62% | 24.68% |
| Brokerage & Investment Banking | 32 | 1.17 | 135.57% | 15.27% | 0.58 | 14.51% | 0.68 | 0.4221 | 36.61% | NA |
| Building Materials | 41 | 1.11 | 26.00% | 18.02% | 0.93 | 3.16% | 0.96 | 0.4099 | 35.28% | 38.06% |
| Business & Consumer Services | 155 | 0.89 | 19.72% | 10.38% | 0.77 | 4.02% | 0.81 | 0.5302 | 41.11% | 27.10% |
| Cable TV | 9 | 0.74 | 146.94% | 10.64% | 0.35 | 2.89% | 0.36 | 0.4441 | 44.04% | 26.88% |
| Chemical (Basic) | 29 | 1.01 | 99.35% | 7.68% | 0.58 | 8.91% | 0.64 | 0.5354 | 45.81% | 39.28% |
| Chemical (Diversified) | 4 | 0.85 | 176.11% | 0.00% | 0.37 | 9.75% | 0.41 | 0.4230 | 39.04% | 45.64% |
| Chemical (Specialty) | 59 | 0.97 | 29.88% | 13.68% | 0.79 | 3.91% | 0.82 | 0.4095 | 42.31% | 21.76% |
| Coal & Related Energy | 16 | 1.07 | 7.14% | 3.13% | 1.02 | 14.03% | 1.18 | 0.6619 | 64.31% | 242.50% |
| Computer Services | 64 | 1.09 | 25.10% | 10.53% | 0.92 | 4.80% | 0.96 | 0.5715 | 53.43% | 19.63% |
| Computers/Peripherals | 36 | 1.35 | 4.62% | 5.91% | 1.31 | 1.47% | 1.32 | 0.5571 | 54.58% | 30.57% |
| Construction Supplies | 40 | 1.15 | 17.62% | 16.04% | 1.02 | 2.94% | 1.05 | 0.4302 | 35.51% | 38.60% |
| Diversified | 20 | 0.88 | 15.55% | 2.76% | 0.79 | 6.42% | 0.84 | 0.5558 | 28.41% | 69.90% |
| Drugs (Biotechnology) | 496 | 1.14 | 13.04% | 1.08% | 1.03 | 4.20% | 1.08 | 0.6431 | 75.68% | 40.52% |
| Drugs (Pharmaceutical) | 228 | 0.98 | 14.54% | 2.99% | 0.89 | 3.16% | 0.92 | 0.6841 | 76.64% | 26.77% |
| Education | 32 | 0.78 | 24.38% | 15.54% | 0.66 | 8.26% | 0.72 | 0.5006 | 47.24% | 37.79% |
| Electrical Equipment | 112 | 1.25 | 12.00% | 4.82% | 1.15 | 3.53% | 1.19 | 0.6771 | 72.71% | 19.79% |
| Electronics (Consumer & Office) | 8 | 0.87 | 5.80% | 0.00% | 0.83 | 10.52% | 0.93 | 0.6314 | 70.18% | NA |
| Electronics (General) | 114 | 0.97 | 11.01% | 8.04% | 0.90 | 4.28% | 0.94 | 0.5332 | 51.84% | 25.55% |
| Engineering/Construction | 48 | 1.21 | 14.01% | 13.64% | 1.09 | 3.74% | 1.14 | 0.4819 | 45.92% | 40.66% |
| Entertainment | 92 | 0.83 | 15.91% | 3.30% | 0.74 | 3.36% | 0.76 | 0.6108 | 48.71% | 33.72% |
| Environmental & Waste Services | 53 | 0.95 | 21.45% | 4.27% | 0.81 | 1.25% | 0.82 | 0.6040 | 54.91% | 33.05% |
| Farming/Agriculture | 35 | 1.13 | 51.85% | 6.29% | 0.81 | 3.87% | 0.85 | 0.5709 | 50.79% | 49.70% |
| Financial Svcs. (Non-bank & Insur | 176 | 0.97 | 272.13% | 12.06% | 0.32 | 2.69% | 0.33 | 0.4484 | 42.47% | 33.72% |
| Food Processing | 78 | 0.61 | 43.73% | 10.37% | 0.46 | 2.56% | 0.47 | 0.4859 | 43.47% | 9.38% |
| Food Wholesalers | 13 | 0.87 | 46.97% | 9.15% | 0.64 | 1.06% | 0.65 | 0.5105 | 33.98% | 35.62% |
| Furn/Home Furnishings | 27 | 0.82 | 42.33% | 11.38% | 0.62 | 4.19% | 0.65 | 0.4719 | 51.51% | 20.43% |
| Green & Renewable Energy | 15 | 0.86 | 113.11% | 0.00% | 0.46 | 1.90% | 0.47 | 0.7310 | 65.14% | 28.78% |
| Healthcare Products | 204 | 0.91 | 12.79% | 4.85% | 0.83 | 3.25% | 0.86 | 0.5590 | 61.79% | 30.90% |
| Healthcare Support Services | 104 | 0.87 | 35.43% | 9.80% | 0.69 | 7.51% | 0.74 | 0.5230 | 47.24% | 24.13% |
| Heathcare Information and Techno | 115 | 1.11 | 15.74% | 6.38% | 0.99 | 2.46% | 1.02 | 0.5788 | 63.78% | 35.53% |
| Homebuilding | 30 | 0.91 | 21.34% | 16.99% | 0.78 | 8.00% | 0.85 | 0.3682 | 32.79% | 59.59% |
| Hospitals/Healthcare Facilities | 31 | 0.80 | 59.92% | 11.35% | 0.55 | 2.32% | 0.56 | 0.5198 | 56.46% | 20.29% |
| Hotel/Gaming | 63 | 1.08 | 39.75% | 8.31% | 0.83 | 4.96% | 0.88 | 0.4804 | 39.65% | 99.05% |
| Household Products | 110 | 0.82 | 18.15% | 6.50% | 0.72 | 3.14% | 0.74 | 0.6273 | 55.46% | 12.19% |
| Information Services | 15 | 0.92 | 33.17% | 18.16% | 0.74 | 2.54% | 0.76 | 0.4395 | 32.38% | 40.82% |
| Insurance (General) | 21 | 0.67 | 25.63% | 12.77% | 0.56 | 2.50% | 0.58 | 0.4201 | 46.07% | 42.10% |
| Insurance (Life) | 20 | 0.64 | 67.84% | 15.19% | 0.43 | 19.67% | 0.53 | 0.2318 | 35.15% | 28.26% |
| Insurance (Prop/Cas.) | 57 | 0.48 | 14.83% | 18.37% | 0.44 | 4.68% | 0.46 | 0.2677 | 28.70% | 37.90% |
| Investments & Asset Management | 283 | 0.66 | 32.69% | 3.53% | 0.53 | 9.92% | 0.59 | 0.2498 | 30.04% | 23.01% |
| Machinery | 105 | 0.96 | 14.69% | 13.37% | 0.87 | 2.91% | 0.89 | 0.4387 | 45.03% | 23.40% |
| Metals & Mining | 73 | 1.04 | 10.98% | 2.52% | 0.96 | 4.63% | 1.01 | 0.7047 | 77.56% | 53.67% |
| Office Equipment & Services | 14 | 1.33 | 48.10% | 12.30% | 0.98 | 5.55% | 1.04 | 0.4265 | 39.61% | 14.22% |
| Oil/Gas (Integrated) | 4 | 0.30 | 13.85% | 28.24% | 0.27 | 2.44% | 0.28 | 0.1572 | 20.27% | 106.56% |
| Oil/Gas (Production and Exploratio | 142 | 0.72 | 37.59% | 6.66% | 0.56 | 2.73% | 0.58 | 0.5045 | 42.22% | 185.49% |
| Oil/Gas Distribution | 23 | 0.67 | 58.53% | 9.17% | 0.47 | 0.89% | 0.47 | 0.4565 | 42.24% | 56.92% |
| Oilfield Svcs/Equip. | 97 | 0.95 | 37.36% | 8.75% | 0.74 | 5.59% | 0.79 | 0.4766 | 48.32% | 82.21% |
| Packaging & Container | 19 | 1.02 | 55.11% | 15.57% | 0.72 | 3.46% | 0.75 | 0.3815 | 25.45% | 13.14% |
| Paper/Forest Products | 6 | 0.96 | 43.69% | 8.60% | 0.72 | 6.25% | 0.77 | 0.4671 | 56.94% | 67.29% |
| Power | 46 | 0.48 | 74.15% | 12.75% | 0.31 | 1.45% | 0.31 | 0.2234 | 25.38% | 17.04% |
| Precious Metals | 56 | 0.84 | 7.28% | 5.97% | 0.79 | 4.53% | 0.83 | 0.7327 | 69.95% | 67.60% |
| Publishing & Newspapers | 19 | 0.56 | 23.94% | 10.21% | 0.48 | 6.75% | 0.51 | 0.3069 | 35.93% | 12.15% |
| R.E.I.T. | 190 | 0.64 | 84.46% | 1.58% | 0.39 | 1.91% | 0.40 | 0.2593 | 26.37% | 23.20% |
| Real Estate (Development) | 14 | 0.84 | 101.83% | 4.91% | 0.48 | 15.21% | 0.56 | 0.6070 | 52.10% | 81.39% |
| Real Estate (General/Diversified) | 12 | 0.81 | 53.56% | 4.65% | 0.58 | 7.83% | 0.63 | 0.4625 | 31.21% | 46.67% |
| Real Estate (Operations & Service | 54 | 0.97 | 24.64% | 8.70% | 0.81 | 4.98% | 0.86 | 0.4308 | 50.56% | 29.71% |
| Recreation | 49 | 1.02 | 62.99% | 11.45% | 0.70 | 5.62% | 0.74 | 0.5365 | 48.31% | 25.09% |
| Reinsurance | 1 | 0.58 | 43.47% | 30.36% | 0.44 | 24.11% | 0.58 | 0.1880 | 19.21% | 21.97% |
| Restaurant/Dining | 64 | 0.92 | 27.22% | 9.92% | 0.77 | 1.99% | 0.78 | 0.4914 | 41.15% | 22.10% |
| Retail (Automotive) | 34 | 0.94 | 45.36% | 10.77% | 0.70 | 2.08% | 0.71 | 0.4825 | 44.58% | 29.76% |
| Retail (Building Supply) | 14 | 1.54 | 23.29% | 11.84% | 1.31 | 0.81% | 1.32 | 0.3865 | 45.88% | 28.49% |
| Retail (Distributors) | 62 | 0.95 | 28.24% | 14.59% | 0.78 | 2.36% | 0.80 | 0.4330 | 39.29% | 38.70% |
| Retail (General) | 23 | 0.81 | 7.94% | 19.10% | 0.76 | 2.68% | 0.78 | 0.3806 | 43.34% | 37.61% |
| Retail (Grocery and Food) | 15 | 1.12 | 51.95% | 12.22% | 0.80 | 5.14% | 0.85 | 0.4158 | 49.42% | 33.40% |
| Retail (REITs) | 26 | 0.62 | 56.42% | 1.60% | 0.44 | 1.48% | 0.44 | 0.2005 | 18.77% | 16.63% |
| Retail (Special Lines) | 94 | 1.09 | 19.76% | 10.07% | 0.95 | 5.30% | 1.00 | 0.5309 | 53.25% | 25.77% |
| Rubber& Tires | 3 | 0.53 | 358.47% | 0.00% | 0.14 | 7.01% | 0.15 | 0.3628 | 50.77% | 61.96% |
| Semiconductor | 66 | 1.52 | 2.59% | 5.11% | 1.49 | 1.02% | 1.50 | 0.5440 | 55.83% | 41.94% |
| Semiconductor Equip | 31 | 1.40 | 4.86% | 9.96% | 1.35 | 3.13% | 1.39 | 0.4760 | 50.08% | 49.58% |
| Shipbuilding & Marine | 8 | 0.75 | 22.55% | 5.26% | 0.64 | 2.54% | 0.66 | 0.5291 | 50.09% | 70.60% |
| Shoe | 11 | 1.02 | 11.94% | 11.86% | 0.93 | 6.65% | 1.00 | 0.4536 | 50.08% | 26.37% |
| Software (Entertainment) | 77 | 1.03 | 2.04% | 5.29% | 1.01 | 0.78% | 1.02 | 0.6091 | 57.06% | 59.01% |
| Software (Internet) | 29 | 1.69 | 12.30% | 3.05% | 1.55 | 2.80% | 1.59 | 0.5618 | 52.61% | 234.02% |
| Software (System & Application) | 309 | 1.28 | 5.58% | 5.51% | 1.23 | 1.83% | 1.25 | 0.5741 | 56.79% | 48.63% |
| Steel | 19 | 1.06 | 23.51% | 9.28% | 0.90 | 4.38% | 0.94 | 0.3648 | 38.51% | 85.30% |
| Telecom (Wireless) | 12 | 0.54 | 51.95% | 4.02% | 0.39 | 1.32% | 0.39 | 0.5030 | 40.18% | 58.11% |
| Telecom. Equipment | 57 | 0.92 | 9.22% | 7.06% | 0.86 | 2.68% | 0.89 | 0.5619 | 55.26% | 11.30% |
| Telecom. Services | 39 | 0.63 | 96.06% | 3.40% | 0.37 | 4.21% | 0.38 | 0.5335 | 60.29% | 9.46% |
| Tobacco | 10 | 0.79 | 22.97% | 14.77% | 0.68 | 1.84% | 0.69 | 0.5640 | 65.96% | 10.13% |
| Transportation | 19 | 0.86 | 36.45% | 8.54% | 0.68 | 5.09% | 0.71 | 0.4445 | 38.13% | 54.77% |
| Transportation (Railroads) | 4 | 0.98 | 27.79% | 16.98% | 0.81 | 0.83% | 0.81 | 0.2393 | 23.90% | 13.37% |
| Trucking | 26 | 1.01 | 25.23% | 12.60% | 0.85 | 2.12% | 0.87 | 0.4329 | 35.29% | 33.03% |
| Utility (General) | 14 | 0.24 | 81.48% | 12.77% | 0.15 | 0.33% | 0.15 | 0.1301 | 14.96% | 13.12% |
| Utility (Water) | 14 | 0.41 | 62.36% | 11.19% | 0.28 | 0.46% | 0.28 | 0.2491 | 48.07% | 21.22% |
| Total Market | 5994 | 0.91 | 35.17% | 8.30% | 0.72 | 4.50% | 0.76 | 0.4807 | 48.07% | 27.75% |
| Total Market (without financial | 4822 | 0.99 | 17.29% | 7.10% | 0.88 | 2.60% | 0.90 | 0.5345 | 52.76% | 28.15% |