The Beta is a quantitative measure of the volatility of a given stock (or instrument) relative to the volatility of the market. A score greater than 1 means the stock is more volatile than the market, lower than one, less volatile. Most betas lie between 0.5 and 1.5.

Infinancials use a simple beta calculation comparing the stock to its local country index, as shown below

Betas values lying outside the range [-0.5; +2.5] will not be considered relevant and will be shown as N/A.

  Country Indices
BelgiumBEL 20
CanadaTSE 300
DenmarkKFX 25
FinlandHEX 20
FranceCAC 40
GermanyDAX 30
ItalyCboe IT 40
SpainIBEX 35
SwedenOMX 30
SwitzerlandSMI 25
United KingdomCboe UK 100

Values are taken weekly, using the first close price available each week for the stock in question.
Periods are defined as follows:
Short Termlast rolling 12 months
Mid Termlast rolling 24 months
Long Termlast rolling 60 months

  Calculation Rules
The calculation divides the covariance of the stock return with the market return by the variance of the market return :
thus : Beta = cov(ri,rm) / var(rm)
stock returnri = (stock price at time w / stock price at time (w-1))-1
market returnrm = (index at time w / index at time (w-1))-1
E(rm) = arithmetic mean of stock returns
E(ri) = arithmetic mean of market returns
(stock return, market return)
cov(ri,rm) = sum[(ri-E(ri))*(rm-E(rm))]/count(ri-E(ri))*count(rm-E(rm))
variance (market return)var(rm) = sum[(rm-E(rm))^2]/count(rm-E(rm))^2

Unlevered Beta
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