Betas
by Sector (US)Data Used: Multiple data services
Date of Analysis: Data used is as of January 2022
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) | 2018 | 2019 | 2020 | 2021 | Average (2017-22) |
| Advertising | 49 | 1.34 | 51.47% | 5.76% | 0.97 | 11.57% | 1.10 | 0.6674 | 56.70% | 13.52% | 0.78 | 0.87 | 0.93 | 0.77 | 0.89 |
| Aerospace/Defense | 73 | 1.28 | 29.45% | 6.83% | 1.05 | 5.05% | 1.11 | 0.4765 | 38.23% | 19.61% | 0.99 | 1.09 | 1.08 | 0.91 | 1.04 |
| Air Transport | 21 | 1.58 | 153.33% | 5.32% | 0.75 | 18.30% | 0.91 | 0.4020 | 40.19% | 162.40% | 0.67 | 0.63 | 0.84 | 0.91 | 0.80 |
| Apparel | 39 | 1.23 | 31.60% | 12.06% | 1.00 | 9.26% | 1.10 | 0.4896 | 43.49% | 21.42% | 0.85 | 0.76 | 0.83 | 0.94 | 0.90 |
| Auto & Truck | 26 | 1.13 | 19.86% | 3.88% | 0.99 | 3.38% | 1.02 | 0.5955 | 54.78% | 35.30% | 0.59 | 0.34 | 0.53 | 1.05 | 0.71 |
| Auto Parts | 38 | 1.40 | 31.68% | 13.62% | 1.14 | 6.36% | 1.21 | 0.4759 | 37.14% | 26.80% | 0.92 | 0.97 | 0.95 | 1.09 | 1.03 |
| Bank (Money Center) | 7 | 1.12 | 170.39% | 14.69% | 0.50 | 51.78% | 1.03 | 0.2381 | 22.23% | NA | 0.32 | 0.43 | 0.56 | 0.59 | 0.59 |
| Banks (Regional) | 563 | 0.70 | 34.57% | 19.29% | 0.56 | 33.75% | 0.84 | 0.2078 | 19.68% | 119.22% | 0.39 | 0.40 | 0.43 | 0.6 | 0.53 |
| Beverage (Alcoholic) | 21 | 0.82 | 21.42% | 7.93% | 0.71 | 1.66% | 0.72 | 0.5568 | 37.87% | 39.41% | 1.12 | 1.05 | 0.92 | 0.67 | 0.90 |
| Beverage (Soft) | 32 | 1.22 | 16.65% | 4.53% | 1.08 | 2.83% | 1.12 | 0.7179 | 48.27% | 6.09% | 0.63 | 1.04 | 1.09 | 0.71 | 0.92 |
| Broadcasting | 28 | 1.35 | 116.82% | 11.54% | 0.73 | 10.05% | 0.81 | 0.5395 | 48.77% | 31.18% | 0.65 | 0.51 | 0.73 | 0.65 | 0.67 |
| Brokerage & Investment Banking | 31 | 1.17 | 182.48% | 14.76% | 0.50 | 24.81% | 0.67 | 0.4393 | 31.74% | 48.44% | 0.54 | 0.46 | 0.57 | 0.57 | 0.56 |
| Building Materials | 44 | 1.19 | 18.75% | 17.03% | 1.04 | 3.95% | 1.09 | 0.3600 | 34.54% | 52.70% | 0.99 | 0.91 | 1.02 | 0.97 | 1.00 |
| Business & Consumer Services | 160 | 1.09 | 22.39% | 10.17% | 0.94 | 5.06% | 0.99 | 0.5196 | 41.17% | 13.75% | 1.01 | 1.00 | 0.89 | 0.83 | 0.94 |
| Cable TV | 11 | 0.93 | 60.12% | 18.08% | 0.65 | 2.25% | 0.66 | 0.3561 | 20.07% | 27.91% | 0.67 | 0.76 | 0.78 | 0.7 | 0.71 |
| Chemical (Basic) | 35 | 1.16 | 44.76% | 10.02% | 0.88 | 6.51% | 0.94 | 0.5277 | 45.02% | 32.06% | 0.96 | 1.12 | 0.99 | 0.76 | 0.96 |
| Chemical (Diversified) | 4 | 1.50 | 47.40% | 3.90% | 1.12 | 7.57% | 1.21 | 0.3781 | 37.29% | 46.00% | 1.79 | 1.49 | 1.21 | 1.03 | 1.35 |
| Chemical (Specialty) | 81 | 1.10 | 19.47% | 10.12% | 0.97 | 3.23% | 1.00 | 0.4865 | 40.72% | 7.89% | 0.95 | 0.99 | 0.96 | 0.82 | 0.94 |
| Coal & Related Energy | 18 | 0.92 | 41.65% | 0.74% | 0.70 | 14.34% | 0.82 | 0.6620 | 58.57% | NA | 1.04 | 0.97 | 1.05 | 0.56 | 0.89 |
| Computer Services | 83 | 1.20 | 26.94% | 8.19% | 1.00 | 5.28% | 1.06 | 0.6098 | 48.44% | 18.62% | 0.94 | 1.05 | 0.95 | 0.94 | 0.99 |
| Computers/Peripherals | 46 | 1.29 | 7.58% | 4.96% | 1.22 | 2.36% | 1.25 | 0.5470 | 51.27% | 11.66% | 0.93 | 1.50 | 1.64 | 1.14 | 1.29 |
| Construction Supplies | 48 | 1.11 | 27.94% | 13.00% | 0.92 | 6.01% | 0.98 | 0.4090 | 40.01% | 19.93% | 0.95 | 1.15 | 1.10 | 0.87 | 1.01 |
| Diversified | 22 | 0.75 | 22.62% | 7.24% | 0.65 | 7.79% | 0.70 | 0.5904 | 30.11% | 43.13% | 1.01 | 1.14 | 1.25 | 0.89 | 1.00 |
| Drugs (Biotechnology) | 581 | 0.99 | 15.30% | 0.53% | 0.89 | 8.13% | 0.97 | 0.5862 | 50.80% | 35.02% | 1.36 | 1.43 | 1.39 | 0.85 | 1.20 |
| Drugs (Pharmaceutical) | 298 | 1.08 | 14.69% | 2.18% | 0.97 | 3.74% | 1.01 | 0.6577 | 56.17% | 6.53% | 1.13 | 1.38 | 1.29 | 0.84 | 1.13 |
| Education | 35 | 1.13 | 25.70% | 7.64% | 0.95 | 14.06% | 1.10 | 0.5554 | 41.50% | 15.28% | 0.96 | 1.11 | 1.36 | 1.07 | 1.12 |
| Electrical Equipment | 104 | 1.25 | 13.69% | 4.98% | 1.13 | 5.20% | 1.19 | 0.6305 | 57.66% | 11.87% | 1.02 | 1.18 | 1.31 | 1 | 1.14 |
| Electronics (Consumer & Office) | 16 | 0.98 | 7.62% | 4.87% | 0.92 | 12.54% | 1.06 | 0.6272 | 52.54% | 401.93% | 1.08 | 1.22 | 1.25 | 1.01 | 1.12 |
| Electronics (General) | 137 | 1.09 | 12.75% | 6.66% | 0.99 | 5.53% | 1.05 | 0.5047 | 43.45% | 21.64% | 0.91 | 0.96 | 1.07 | 0.86 | 0.97 |
| Engineering/Construction | 48 | 1.06 | 25.59% | 13.53% | 0.89 | 8.46% | 0.97 | 0.4492 | 36.36% | 13.31% | 1.13 | 0.81 | 1.33 | 0.95 | 1.04 |
| Entertainment | 108 | 1.01 | 15.23% | 2.64% | 0.91 | 5.52% | 0.96 | 0.7100 | 59.63% | 32.97% | 0.96 | 1.21 | 1.20 | 0.84 | 1.04 |
| Environmental & Waste Services | 58 | 1.24 | 20.87% | 5.90% | 1.08 | 0.90% | 1.09 | 0.6178 | 43.01% | 10.52% | 0.70 | 0.96 | 1.05 | 0.82 | 0.92 |
| Farming/Agriculture | 36 | 1.03 | 36.82% | 7.65% | 0.81 | 4.22% | 0.85 | 0.5642 | 46.45% | 17.94% | 0.56 | 0.50 | 0.63 | 0.68 | 0.64 |
| Financial Svcs. (Non-bank & Insuran | 223 | 0.93 | 726.37% | 15.60% | 0.15 | 3.06% | 0.15 | 0.3406 | 28.52% | 42.27% | 0.07 | 0.08 | 0.10 | 0.11 | 0.10 |
| Food Processing | 92 | 0.75 | 30.52% | 10.54% | 0.61 | 2.90% | 0.63 | 0.4668 | 27.69% | 19.23% | 0.56 | 0.61 | 0.70 | 0.53 | 0.61 |
| Food Wholesalers | 15 | 1.40 | 46.92% | 8.60% | 1.04 | 3.65% | 1.08 | 0.4713 | 54.01% | 27.98% | 1.41 | 1.23 | 0.66 | 0.8 | 1.04 |
| Furn/Home Furnishings | 32 | 1.11 | 28.65% | 11.74% | 0.92 | 7.66% | 0.99 | 0.5168 | 44.77% | 22.94% | 0.67 | 0.67 | 0.82 | 0.78 | 0.79 |
| Green & Renewable Energy | 20 | 1.59 | 66.63% | 1.43% | 1.07 | 2.45% | 1.10 | 0.7017 | 81.76% | 101.84% | 0.72 | 0.80 | 0.59 | 0.68 | 0.78 |
| Healthcare Products | 244 | 0.94 | 8.61% | 4.15% | 0.88 | 3.26% | 0.91 | 0.5192 | 43.81% | 22.60% | 0.89 | 1.04 | 0.98 | 0.8 | 0.92 |
| Healthcare Support Services | 131 | 1.06 | 24.55% | 7.72% | 0.90 | 5.56% | 0.95 | 0.5515 | 46.86% | 27.44% | 0.82 | 1.03 | 0.95 | 0.74 | 0.90 |
| Heathcare Information and Technol | 142 | 0.94 | 9.73% | 3.57% | 0.88 | 3.26% | 0.91 | 0.5360 | 46.28% | 30.29% | 0.88 | 1.18 | 1.15 | 0.75 | 0.97 |
| Homebuilding | 29 | 1.69 | 21.97% | 18.63% | 1.45 | 8.41% | 1.59 | 0.3841 | 39.47% | 64.08% | 0.89 | 0.72 | 0.66 | 1.33 | 1.04 |
| Hospitals/Healthcare Facilities | 31 | 1.41 | 70.98% | 8.99% | 0.93 | 3.37% | 0.96 | 0.5140 | 52.31% | 15.38% | 0.51 | 0.55 | 0.63 | 0.8 | 0.69 |
| Hotel/Gaming | 66 | 1.79 | 46.01% | 6.02% | 1.34 | 6.55% | 1.44 | 0.4652 | 43.87% | 81.77% | 0.74 | 0.71 | 0.91 | 1.19 | 1.00 |
| Household Products | 118 | 0.98 | 12.58% | 5.87% | 0.90 | 2.48% | 0.92 | 0.6421 | 58.57% | 6.04% | 0.88 | 1.00 | 0.94 | 0.68 | 0.88 |
| Information Services | 79 | 1.25 | 10.37% | 11.22% | 1.16 | 3.44% | 1.20 | 0.4845 | 46.44% | 28.56% | 0.82 | 1.05 | 1.03 | 0.97 | 1.01 |
| Insurance (General) | 23 | 0.92 | 26.64% | 11.43% | 0.77 | 4.80% | 0.81 | 0.4267 | 37.15% | 33.96% | 0.63 | 0.67 | 0.59 | 0.56 | 0.65 |
| Insurance (Life) | 24 | 1.22 | 92.60% | 14.28% | 0.73 | 17.27% | 0.88 | 0.3053 | 31.81% | 15.34% | 0.81 | 0.70 | 0.73 | 0.64 | 0.75 |
| Insurance (Prop/Cas.) | 52 | 0.86 | 23.48% | 13.37% | 0.74 | 6.29% | 0.78 | 0.2998 | 29.24% | 30.07% | 0.73 | 0.65 | 0.59 | 0.58 | 0.67 |
| Investments & Asset Management | 687 | 1.05 | 27.93% | 1.42% | 0.87 | 9.78% | 0.97 | 0.1469 | 31.97% | 11.86% | 0.87 | 0.87 | 0.86 | 0.78 | 0.87 |
| Machinery | 111 | 1.25 | 14.11% | 10.58% | 1.13 | 4.04% | 1.18 | 0.4395 | 34.75% | 15.20% | 1.04 | 1.01 | 1.10 | 0.96 | 1.06 |
| Metals & Mining | 74 | 1.17 | 18.17% | 2.07% | 1.04 | 8.20% | 1.13 | 0.6912 | 68.08% | 43.46% | 0.96 | 1.11 | 1.09 | 0.82 | 1.02 |
| Office Equipment & Services | 18 | 1.38 | 48.26% | 8.96% | 1.02 | 7.96% | 1.11 | 0.4388 | 31.01% | 12.27% | 1.10 | 1.33 | 1.24 | 0.83 | 1.12 |
| Oil/Gas (Integrated) | 4 | 1.47 | 26.73% | 19.34% | 1.23 | 1.98% | 1.25 | 0.3641 | 28.71% | 99.79% | 1.25 | 1.06 | 1.12 | 0.98 | 1.13 |
| Oil/Gas (Production and Exploratio | 183 | 1.32 | 31.13% | 2.04% | 1.08 | 4.66% | 1.13 | 0.6708 | 55.48% | 221.32% | 1.00 | 1.07 | 1.08 | 0.81 | 1.02 |
| Oil/Gas Distribution | 21 | 1.40 | 87.16% | 9.76% | 0.85 | 1.34% | 0.86 | 0.4074 | 44.98% | 38.51% | 0.72 | 0.62 | 0.62 | 0.6 | 0.68 |
| Oilfield Svcs/Equip. | 100 | 1.50 | 54.13% | 3.89% | 1.07 | 9.08% | 1.18 | 0.5518 | 49.63% | 61.61% | 1.06 | 1.07 | 1.22 | 0.83 | 1.07 |
| Packaging & Container | 26 | 1.01 | 49.68% | 17.09% | 0.74 | 4.80% | 0.78 | 0.3512 | 26.38% | 10.74% | 0.55 | 0.74 | 0.68 | 0.68 | 0.68 |
| Paper/Forest Products | 11 | 1.21 | 41.32% | 12.01% | 0.93 | 6.63% | 1.00 | 0.4605 | 30.61% | 52.83% | 0.98 | 1.17 | 1.25 | 0.96 | 1.07 |
| Power | 50 | 0.83 | 71.54% | 15.61% | 0.55 | 1.83% | 0.56 | 0.2382 | 19.49% | 9.47% | 0.32 | 0.35 | 0.38 | 0.43 | 0.41 |
| Precious Metals | 76 | 0.99 | 12.01% | 3.11% | 0.91 | 7.87% | 0.99 | 0.7490 | 56.29% | 74.29% | 0.95 | 1.15 | 1.33 | 0.75 | 1.03 |
| Publishing & Newspapers | 21 | 1.69 | 36.81% | 11.64% | 1.34 | 8.83% | 1.46 | 0.4536 | 30.80% | 12.74% | 0.83 | 0.90 | 0.76 | 1.1 | 1.01 |
| R.E.I.T. | 238 | 1.35 | 53.80% | 1.94% | 0.97 | 2.00% | 0.99 | 0.2516 | 32.65% | 24.38% | 0.42 | 0.41 | 0.43 | 0.79 | 0.61 |
| Real Estate (Development) | 19 | 1.06 | 79.94% | 2.60% | 0.67 | 9.62% | 0.74 | 0.6845 | 51.32% | 76.66% | 0.61 | 0.87 | 0.89 | 0.56 | 0.74 |
| Real Estate (General/Diversified) | 10 | 0.91 | 26.41% | 9.94% | 0.76 | 8.80% | 0.83 | 0.5515 | 30.70% | 137.17% | 0.73 | 1.33 | 1.50 | 0.76 | 1.03 |
| Real Estate (Operations & Services) | 51 | 1.15 | 56.36% | 6.54% | 0.81 | 6.85% | 0.87 | 0.5358 | 41.43% | 102.81% | 0.80 | 0.95 | 0.68 | 0.75 | 0.81 |
| Recreation | 60 | 1.23 | 29.58% | 7.75% | 1.01 | 5.96% | 1.07 | 0.5375 | 50.35% | 12.46% | 0.73 | 0.81 | 0.75 | 0.77 | 0.83 |
| Reinsurance | 2 | 1.37 | 38.85% | 22.96% | 1.07 | 17.51% | 1.30 | 0.1556 | 25.95% | 31.86% | 0.47 | 0.88 | 0.77 | 1.13 | 0.91 |
| Restaurant/Dining | 70 | 1.56 | 27.35% | 7.11% | 1.30 | 2.55% | 1.33 | 0.4678 | 42.76% | 14.34% | 0.70 | 0.65 | 0.75 | 1.11 | 0.91 |
| Retail (Automotive) | 32 | 1.40 | 38.60% | 14.20% | 1.09 | 2.75% | 1.12 | 0.4984 | 44.49% | 19.29% | 0.65 | 0.76 | 0.87 | 0.99 | 0.88 |
| Retail (Building Supply) | 16 | 1.52 | 13.44% | 15.50% | 1.39 | 2.16% | 1.42 | 0.4447 | 44.73% | 29.76% | 0.76 | 0.97 | 1.15 | 1.43 | 1.15 |
| Retail (Distributors) | 68 | 1.28 | 32.38% | 11.70% | 1.04 | 2.66% | 1.06 | 0.5123 | 43.10% | 20.54% | 0.87 | 0.99 | 0.89 | 0.75 | 0.91 |
| Retail (General) | 16 | 1.12 | 16.05% | 18.45% | 1.00 | 3.83% | 1.04 | 0.3914 | 33.88% | 6.58% | 0.87 | 0.75 | 0.95 | 0.81 | 0.88 |
| Retail (Grocery and Food) | 15 | 0.30 | 68.24% | 13.31% | 0.20 | 5.65% | 0.21 | 0.4080 | 34.27% | 32.25% | 0.44 | 0.28 | 0.35 | 0.15 | 0.29 |
| Retail (Online) | 60 | 1.10 | 8.16% | 4.76% | 1.04 | 2.18% | 1.07 | 0.5582 | 58.82% | 76.49% | 1.12 | 1.34 | 1.16 | 1.14 | 1.17 |
| Retail (Special Lines) | 76 | 1.44 | 34.75% | 14.67% | 1.15 | 6.32% | 1.23 | 0.4797 | 45.57% | 19.80% | 0.82 | 0.80 | 0.69 | 1.03 | 0.91 |
| Rubber& Tires | 2 | 1.16 | 154.55% | 17.42% | 0.54 | 7.77% | 0.59 | 0.5602 | 47.06% | 50.21% | 0.64 | 0.24 | 0.45 | 0.54 | 0.49 |
| Semiconductor | 67 | 1.16 | 6.78% | 6.80% | 1.11 | 2.48% | 1.14 | 0.4588 | 37.46% | 30.70% | 1.16 | 1.26 | 1.24 | 0.96 | 1.15 |
| Semiconductor Equip | 34 | 1.34 | 5.04% | 9.19% | 1.29 | 3.72% | 1.34 | 0.4286 | 33.22% | 55.70% | 0.99 | 1.39 | 1.25 | 1.07 | 1.21 |
| Shipbuilding & Marine | 8 | 0.99 | 37.96% | 3.19% | 0.78 | 3.28% | 0.80 | 0.5240 | 51.04% | 23.82% | 1.01 | 0.78 | 1.57 | 0.74 | 0.98 |
| Shoe | 12 | 1.19 | 5.78% | 9.86% | 1.14 | 4.26% | 1.19 | 0.4507 | 34.71% | 18.31% | 0.86 | 0.74 | 0.83 | 0.98 | 0.92 |
| Software (Entertainment) | 88 | 1.20 | 2.04% | 2.21% | 1.19 | 1.75% | 1.21 | 0.6991 | 54.61% | 58.02% | 0.91 | 1.27 | 1.29 | 0.96 | 1.13 |
| Software (Internet) | 36 | 1.00 | 7.67% | 1.29% | 0.95 | 2.46% | 0.98 | 0.6075 | 38.09% | 26.28% | 1.20 | 1.31 | 1.50 | 0.75 | 1.15 |
| Software (System & Application) | 375 | 1.14 | 5.68% | 3.36% | 1.10 | 2.35% | 1.12 | 0.5566 | 45.74% | 24.52% | 1.02 | 1.16 | 1.15 | 0.89 | 1.07 |
| Steel | 28 | 1.13 | 32.87% | 13.30% | 0.91 | 6.99% | 0.98 | 0.4424 | 33.13% | 46.71% | 1.53 | 1.29 | 1.29 | 0.78 | 1.18 |
| Telecom (Wireless) | 17 | 0.96 | 78.31% | 3.26% | 0.61 | 2.13% | 0.63 | 0.6037 | 48.16% | 67.46% | 0.71 | 0.71 | 0.60 | 0.39 | 0.61 |
| Telecom. Equipment | 82 | 1.08 | 8.73% | 5.29% | 1.02 | 3.65% | 1.06 | 0.5502 | 40.53% | 14.84% | 0.96 | 1.02 | 0.84 | 0.83 | 0.94 |
| Telecom. Services | 42 | 0.85 | 100.48% | 5.86% | 0.49 | 4.15% | 0.51 | 0.5976 | 38.67% | 26.21% | 0.72 | 0.74 | 0.67 | 0.42 | 0.61 |
| Tobacco | 16 | 1.00 | 25.98% | 8.23% | 0.84 | 2.77% | 0.86 | 0.6632 | 24.88% | 5.57% | 1.15 | 1.13 | 1.43 | 0.61 | 1.04 |
| Transportation | 17 | 0.79 | 22.90% | 14.40% | 0.68 | 5.31% | 0.72 | 0.4731 | 28.34% | 23.64% | 0.80 | 0.90 | 0.96 | 0.79 | 0.83 |
| Transportation (Railroads) | 4 | 0.73 | 19.94% | 17.34% | 0.64 | 1.27% | 0.65 | 0.3537 | 16.39% | 11.54% | 0.87 | 2.08 | 1.89 | 0.74 | 1.25 |
| Trucking | 34 | 1.44 | 26.26% | 16.04% | 1.21 | 5.57% | 1.28 | 0.4574 | 32.99% | 148.80% | 0.81 | 0.71 | 1.04 | 0.94 | 0.96 |
| Utility (General) | 16 | 0.89 | 69.22% | 9.75% | 0.59 | 0.63% | 0.60 | 0.1395 | 18.83% | 8.86% | 0.20 | 0.17 | 0.19 | 0.48 | 0.33 |
| Utility (Water) | 14 | 0.77 | 34.34% | 10.01% | 0.61 | 0.37% | 0.61 | 0.3152 | 41.01% | 13.97% | 0.27 | 0.32 | 0.57 | 0.57 | 0.47 |
| Total Market | 7229 | 1.09 | 40.09% | 7.05% | 0.85 | 6.87% | 0.91 | 0.4659 | 41.01% | 10.28% | 0.72 | 0.80 | 0.83 | 0.75 | 0.80 |
| Total Market (without financials) | 5619 | 1.15 | 19.99% | 6.01% | 1.00 | 3.65% | 1.04 | 0.5385 | 44.99% | 10.31% | 0.90 | 1.00 | 1.01 | 0.86 | 0.96 |