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) |
| Advertising | 57 | 1.37 | 33.76% | 5.44% | 1.10 | 7.25% | 1.18 | 0.6204 | 56.41% | 14.94% |
| Aerospace/Defense | 70 | 1.08 | 25.46% | 7.28% | 0.90 | 2.90% | 0.93 | 0.4584 | 36.40% | 19.50% |
| Air Transport | 25 | 1.27 | 162.15% | 8.62% | 0.57 | 10.71% | 0.64 | 0.5221 | 44.65% | 215.30% |
| Apparel | 38 | 1.19 | 48.76% | 10.19% | 0.87 | 5.89% | 0.93 | 0.4816 | 37.04% | 24.04% |
| Auto & Truck | 34 | 1.52 | 31.02% | 3.12% | 1.24 | 5.29% | 1.30 | 0.7081 | 59.70% | 48.10% |
| Auto Parts | 39 | 1.34 | 38.44% | 14.62% | 1.04 | 6.92% | 1.12 | 0.4652 | 37.07% | 20.99% |
| Bank (Money Center) | 15 | 1.06 | 216.16% | 17.69% | 0.40 | 37.13% | 0.64 | 0.3109 | 22.51% | NA |
| Banks (Regional) | 625 | 0.46 | 101.95% | 17.69% | 0.26 | 21.61% | 0.33 | 0.2398 | 18.68% | 75.66% |
| Beverage (Alcoholic) | 19 | 1.13 | 24.46% | 10.42% | 0.96 | 1.43% | 0.97 | 0.5270 | 49.70% | 26.87% |
| Beverage (Soft) | 29 | 0.76 | 17.12% | 6.68% | 0.68 | 3.51% | 0.70 | 0.5619 | 42.96% | 11.39% |
| Broadcasting | 22 | 1.06 | 176.40% | 7.85% | 0.46 | 8.62% | 0.50 | 0.5134 | 38.46% | 29.65% |
| Brokerage & Investment Banking | 27 | 1.12 | 226.06% | 16.84% | 0.42 | 24.54% | 0.55 | 0.3272 | 25.21% | 45.89% |
| Building Materials | 44 | 1.32 | 18.15% | 19.94% | 1.16 | 4.06% | 1.21 | 0.3866 | 28.72% | 52.15% |
| Business & Consumer Services | 162 | 1.02 | 17.94% | 10.84% | 0.90 | 3.09% | 0.93 | 0.4878 | 41.29% | 23.55% |
| Cable TV | 10 | 1.28 | 101.72% | 23.72% | 0.72 | 1.54% | 0.74 | 0.4199 | 33.01% | 27.25% |
| Chemical (Basic) | 32 | 1.10 | 45.68% | 8.93% | 0.82 | 6.65% | 0.87 | 0.4855 | 38.92% | 40.82% |
| Chemical (Diversified) | 4 | 1.13 | 69.53% | 14.89% | 0.74 | 8.43% | 0.81 | 0.3012 | 37.24% | 34.91% |
| Chemical (Specialty) | 68 | 1.09 | 26.82% | 10.40% | 0.91 | 3.50% | 0.94 | 0.4443 | 36.60% | 18.60% |
| Coal & Related Energy | 18 | 1.27 | 22.54% | 2.62% | 1.09 | 12.53% | 1.24 | 0.5084 | 55.69% | 415.49% |
| Computer Services | 72 | 1.00 | 29.14% | 7.78% | 0.82 | 4.69% | 0.86 | 0.5750 | 49.61% | 25.48% |
| Computers/Peripherals | 36 | 1.13 | 6.09% | 8.67% | 1.08 | 1.54% | 1.10 | 0.4390 | 38.90% | 29.08% |
| Construction Supplies | 45 | 1.13 | 24.70% | 14.91% | 0.95 | 3.94% | 0.99 | 0.3977 | 37.83% | 23.96% |
| Diversified | 23 | 1.19 | 19.15% | 5.25% | 1.04 | 4.36% | 1.09 | 0.5455 | 52.25% | 66.70% |
| Drugs (Biotechnology) | 572 | 1.12 | 16.39% | 0.81% | 1.00 | 8.15% | 1.09 | 0.6317 | 61.98% | 27.24% |
| Drugs (Pharmaceutical) | 245 | 1.03 | 16.05% | 2.89% | 0.92 | 2.90% | 0.94 | 0.6616 | 65.30% | 29.08% |
| Education | 31 | 1.23 | 19.59% | 11.15% | 1.07 | 6.85% | 1.15 | 0.5404 | 43.78% | 17.18% |
| Electrical Equipment | 103 | 1.24 | 21.39% | 5.66% | 1.07 | 6.66% | 1.15 | 0.6200 | 54.42% | 16.70% |
| Electronics (Consumer & Office) | 13 | 1.30 | 18.32% | 7.31% | 1.14 | 12.61% | 1.30 | 0.5283 | 39.42% | 267.07% |
| Electronics (General) | 129 | 0.93 | 17.20% | 8.17% | 0.83 | 5.69% | 0.88 | 0.4870 | 42.94% | 28.54% |
| Engineering/Construction | 43 | 0.96 | 26.20% | 14.27% | 0.80 | 4.95% | 0.84 | 0.4221 | 33.68% | 9.37% |
| Entertainment | 98 | 0.99 | 28.75% | 3.25% | 0.82 | 5.49% | 0.87 | 0.6154 | 61.19% | 30.69% |
| Environmental & Waste Services | 57 | 0.91 | 21.95% | 5.42% | 0.78 | 0.88% | 0.79 | 0.5505 | 46.07% | 23.51% |
| Farming/Agriculture | 42 | 0.99 | 45.30% | 6.68% | 0.74 | 3.78% | 0.77 | 0.5790 | 54.14% | 41.41% |
| Financial Svcs. (Non-bank & Insuran | 172 | 1.14 | 354.06% | 11.07% | 0.31 | 2.84% | 0.32 | 0.4189 | 38.66% | 40.91% |
| Food Processing | 82 | 0.61 | 33.70% | 8.29% | 0.48 | 2.50% | 0.50 | 0.4722 | 36.51% | 13.41% |
| Food Wholesalers | 14 | 0.97 | 44.63% | 15.90% | 0.72 | 1.57% | 0.74 | 0.4094 | 27.30% | 29.49% |
| Furn/Home Furnishings | 31 | 1.11 | 47.55% | 13.94% | 0.82 | 5.24% | 0.86 | 0.4512 | 46.65% | 23.42% |
| Green & Renewable Energy | 17 | 1.11 | 141.41% | 4.39% | 0.54 | 3.42% | 0.56 | 0.6005 | 57.34% | 49.86% |
| Healthcare Products | 230 | 1.06 | 12.66% | 4.81% | 0.97 | 3.53% | 1.01 | 0.5730 | 52.21% | 32.96% |
| Healthcare Support Services | 119 | 1.03 | 26.86% | 8.08% | 0.86 | 8.60% | 0.94 | 0.5223 | 49.53% | 26.95% |
| Heathcare Information and Technol | 128 | 1.27 | 16.07% | 3.11% | 1.14 | 4.20% | 1.19 | 0.5607 | 54.15% | 50.83% |
| Homebuilding | 32 | 1.37 | 16.42% | 17.22% | 1.22 | 9.92% | 1.35 | 0.4785 | 32.31% | 75.83% |
| Hospitals/Healthcare Facilities | 32 | 0.88 | 79.74% | 6.86% | 0.55 | 1.71% | 0.56 | 0.5809 | 46.33% | 17.04% |
| Hotel/Gaming | 68 | 1.34 | 48.67% | 8.63% | 0.98 | 6.11% | 1.05 | 0.4554 | 40.80% | 104.49% |
| Household Products | 93 | 0.84 | 16.56% | 8.21% | 0.75 | 2.93% | 0.77 | 0.5665 | 51.12% | 11.51% |
| Information Services | 18 | 0.93 | 35.67% | 15.79% | 0.73 | 4.93% | 0.77 | 0.4433 | 33.83% | 45.18% |
| Insurance (General) | 21 | 1.03 | 25.93% | 13.69% | 0.86 | 3.32% | 0.89 | 0.4100 | 40.38% | 48.45% |
| Insurance (Life) | 23 | 0.77 | 92.25% | 10.18% | 0.45 | 16.16% | 0.54 | 0.3132 | 30.85% | 23.09% |
| Insurance (Prop/Cas.) | 50 | 0.74 | 19.38% | 12.42% | 0.64 | 4.47% | 0.68 | 0.2954 | 27.40% | 29.80% |
| Investments & Asset Management | 334 | 0.46 | 40.34% | 11.33% | 0.35 | 10.33% | 0.39 | 0.2313 | 15.15% | 23.34% |
| Machinery | 103 | 1.03 | 16.86% | 11.73% | 0.91 | 2.85% | 0.94 | 0.4315 | 33.44% | 18.51% |
| Metals & Mining | 68 | 0.96 | 15.82% | 2.00% | 0.86 | 5.67% | 0.91 | 0.6448 | 60.56% | 54.71% |
| Office Equipment & Services | 17 | 1.14 | 52.57% | 17.12% | 0.82 | 6.76% | 0.88 | 0.4386 | 30.28% | 17.63% |
| Oil/Gas (Integrated) | 4 | 0.67 | 12.50% | 21.18% | 0.61 | 4.80% | 0.64 | 0.1559 | 26.44% | 107.82% |
| Oil/Gas (Production and Exploratio | 166 | 0.93 | 23.28% | 5.61% | 0.79 | 3.62% | 0.82 | 0.5028 | 46.31% | 208.46% |
| Oil/Gas Distribution | 24 | 0.79 | 70.22% | 9.25% | 0.52 | 2.11% | 0.53 | 0.3581 | 32.55% | 38.82% |
| Oilfield Svcs/Equip. | 100 | 0.98 | 32.14% | 10.88% | 0.79 | 7.46% | 0.85 | 0.4776 | 43.73% | 80.50% |
| Packaging & Container | 22 | 1.13 | 61.26% | 18.12% | 0.78 | 3.81% | 0.81 | 0.2851 | 26.24% | 12.44% |
| Paper/Forest Products | 7 | 1.94 | 37.37% | 12.91% | 1.51 | 4.80% | 1.59 | 0.4489 | 43.04% | 82.96% |
| Power | 50 | 0.65 | 92.92% | 13.69% | 0.38 | 1.31% | 0.39 | 0.2732 | 20.39% | 5.89% |
| Precious Metals | 61 | 0.87 | 15.21% | 1.98% | 0.78 | 6.03% | 0.83 | 0.6278 | 63.61% | 56.84% |
| Publishing & Newspapers | 21 | 0.96 | 32.48% | 10.01% | 0.77 | 6.09% | 0.82 | 0.3761 | 38.20% | 12.47% |
| R.E.I.T. | 193 | 1.03 | 79.04% | 1.95% | 0.65 | 1.88% | 0.66 | 0.2785 | 23.72% | 22.42% |
| Real Estate (Development) | 17 | 0.67 | 94.10% | 1.45% | 0.39 | 9.15% | 0.43 | 0.5888 | 34.24% | 76.28% |
| Real Estate (General/Diversified) | 11 | 0.56 | 31.88% | 13.21% | 0.45 | 11.26% | 0.51 | 0.3477 | 35.91% | 98.73% |
| Real Estate (Operations & Services) | 60 | 1.08 | 44.57% | 4.29% | 0.81 | 8.30% | 0.88 | 0.4821 | 44.19% | 99.42% |
| Recreation | 55 | 1.17 | 58.57% | 8.26% | 0.81 | 4.13% | 0.85 | 0.5084 | 44.30% | 24.03% |
| Reinsurance | 1 | 0.66 | 42.54% | 22.95% | 0.50 | 18.56% | 0.61 | 0.1702 | 17.09% | 21.78% |
| Restaurant/Dining | 64 | 1.19 | 25.73% | 11.41% | 1.00 | 2.24% | 1.02 | 0.4028 | 35.37% | 16.64% |
| Retail (Automotive) | 30 | 1.49 | 57.51% | 13.50% | 1.04 | 1.38% | 1.06 | 0.4974 | 46.79% | 32.50% |
| Retail (Building Supply) | 16 | 1.94 | 19.92% | 12.59% | 1.69 | 1.05% | 1.70 | 0.4087 | 45.21% | 35.75% |
| Retail (Distributors) | 62 | 1.11 | 32.29% | 15.76% | 0.89 | 2.08% | 0.91 | 0.4378 | 37.74% | 36.36% |
| Retail (General) | 26 | 1.25 | 13.42% | 14.58% | 1.13 | 3.28% | 1.17 | 0.4185 | 38.28% | 21.76% |
| Retail (Grocery and Food) | 14 | 0.49 | 55.84% | 16.88% | 0.35 | 4.62% | 0.36 | 0.3786 | 25.65% | 35.08% |
| Retail (REITs) | 28 | 1.12 | 58.84% | 2.53% | 0.78 | 1.14% | 0.79 | 0.2340 | 20.72% | 11.63% |
| Retail (Special Lines) | 105 | 1.18 | 36.15% | 9.53% | 0.93 | 4.49% | 0.97 | 0.5098 | 44.01% | 21.61% |
| Rubber& Tires | 3 | 0.67 | 235.28% | 0.00% | 0.24 | 7.29% | 0.26 | 0.3449 | 40.77% | 52.82% |
| Semiconductor | 63 | 1.50 | 6.05% | 4.89% | 1.43 | 2.04% | 1.46 | 0.4535 | 41.47% | 34.93% |
| Semiconductor Equip | 30 | 1.53 | 7.78% | 12.14% | 1.44 | 4.24% | 1.51 | 0.3766 | 37.04% | 67.07% |
| Shipbuilding & Marine | 8 | 0.81 | 29.77% | 6.74% | 0.66 | 3.46% | 0.69 | 0.3448 | 45.07% | 91.44% |
| Shoe | 13 | 1.29 | 8.71% | 11.31% | 1.21 | 4.77% | 1.27 | 0.4673 | 36.28% | 28.18% |
| Software (Entertainment) | 84 | 1.11 | 3.15% | 5.11% | 1.08 | 2.78% | 1.11 | 0.6102 | 52.79% | 62.14% |
| Software (Internet) | 35 | 1.62 | 11.98% | 2.61% | 1.48 | 1.91% | 1.51 | 0.5394 | 65.22% | 374.09% |
| Software (System & Application) | 351 | 1.29 | 6.20% | 4.19% | 1.24 | 2.83% | 1.27 | 0.5848 | 52.09% | 35.93% |
| Steel | 29 | 1.13 | 20.18% | 15.72% | 0.98 | 9.21% | 1.08 | 0.3620 | 38.10% | 115.45% |
| Telecom (Wireless) | 13 | 1.09 | 64.16% | 9.56% | 0.73 | 1.77% | 0.75 | 0.6313 | 60.31% | 70.80% |
| Telecom. Equipment | 66 | 1.08 | 11.41% | 6.20% | 1.00 | 4.81% | 1.05 | 0.5647 | 46.62% | 11.85% |
| Telecom. Services | 42 | 0.78 | 124.91% | 6.62% | 0.41 | 2.19% | 0.41 | 0.5662 | 50.42% | 14.96% |
| Tobacco | 16 | 1.22 | 34.90% | 9.95% | 0.97 | 1.78% | 0.99 | 0.5792 | 48.00% | 8.73% |
| Transportation | 36 | 1.26 | 33.58% | 6.53% | 1.01 | 3.94% | 1.05 | 0.6204 | 53.12% | 55.09% |
| Transportation (Railroads) | 4 | 1.02 | 26.81% | 17.28% | 0.85 | 1.06% | 0.86 | 0.1868 | 22.28% | 13.49% |
| Trucking | 22 | 1.15 | 19.95% | 20.21% | 1.00 | 2.94% | 1.03 | 0.3430 | 28.33% | 42.22% |
| Utility (General) | 14 | 0.58 | 84.84% | 14.05% | 0.35 | 0.58% | 0.36 | 0.1505 | 14.93% | 9.83% |
| Utility (Water) | 13 | 0.71 | 50.89% | 11.09% | 0.52 | 1.07% | 0.52 | 0.2951 | 42.03% | 15.08% |
| Grand Total | 6481 | 1.00 | 46.42% | 8.35% | 0.74 | 6.13% | 0.79 | 0.4722 | 42.03% | 23.07% |
| Total Market (without financials) | 5214 | 1.10 | 22.60% | 6.80% | 0.94 | 3.48% | 0.97 | 0.5211 | 47.00% | 23.16% |