Beta factor

Each stock's 90-day beta to the market. Stocks with 30 to 89 days of history get a partial estimate shrunk toward 1. Part of FactorPulse's FPUS1 model (Style).

The exposure shown is this measure standardized across stocks and taken net of the market and of International (position 2 of 18 style factors).

Oct 28, 2026
+1.09%
vs. 1-year daily volatility
z = +0.9
1M
-7.20%
3M
-1.46%
YTD
+6.16%
1Y
+2.58%

Last 12 months

simulated-10.0%0.0%10.0%20.0%Oct 25Dec 25Feb 26Apr 26Jun 26Aug 26Oct 26
Cumulative return (sum of daily returns) of the Beta factor portfolio, through Oct 28, 2026.

Full history

simulated history-20%0%20%40%60%2020202120222023202420252026
Since Jan 02, 2020. The shaded period is simulated history.

History before Jul 15, 2026 is simulated: it was regenerated on that date with the methodology adopted then, not recorded live, and charts shade that period. Later changes apply from their dates forward; see the revision log. Point-in-time risk forecasts begin Jul 30, 2026.

Statistics

PeriodReturnVolatility (ann.)Return / riskMax drawdown
1M-7.20%23.5%-3.68-12.84%
3M-1.46%19.9%-0.29-12.84%
YTD+6.16%21.1%+0.36-18.56%
1Y+2.58%20.2%+0.13-18.56%
Since Jul 2026 (live)-6.45%22.5%-0.97-12.84%
Since 2020 (incl. simulated)+39.80%15.8%+0.37-25.26%

Returns are summed daily long/short factor returns before costs. Volatility and return/risk are annualized from daily data. Each factor is measured net of other factors (see above), so its return can differ from familiar indexes built on the same idea. Section 9 of the methodology (Empirical Factor Behavior) discusses each factor's realized return.

Large companies most and least exposed today

Among the 500 largest US-listed companies (market cap above $26B). Exposure is in standard deviations across about 2,000 stocks, net of the factors ranked ahead of it. When the factor return is positive, high-beta (cyclical) names outperform; when it is negative, low-beta (defensive) names outperform. Exposures are capped; where 3 share the cap of +3.34, they are ranked by uncapped exposure.

Highest exposure

  1. Bloom Energy Corporation BE +3.34 · $67B
  2. Astera Labs, Inc. ALAB +3.34 · $52B
  3. Nebius Group N.V. NBIS +3.34 · $50B
  4. Credo Technology Group Holding Ltd CRDO +3.31 · $33B
  5. CoreWeave, Inc. CRWV +3.10 · $35B
  6. Arm Holdings plc ARM +3.07 · $252B
  7. Sandisk Corporation SNDK +2.99 · $203B
  8. Coherent Corp. COHR +2.94 · $47B
  9. Cerebras Systems Inc. CBRS +2.74 · $27B
  10. Marvell Technology, Inc. MRVL +2.59 · $226B

Lowest exposure

  1. Equinor ASA EQNR -1.82 · $113B
  2. Venture Global, Inc. VG -1.80 · $36B
  3. Cboe Global Markets, Inc. CBOE -1.57 · $33B
  4. EOG Resources, Inc. EOG -1.50 · $84B
  5. Altria Group, Inc. MO -1.48 · $122B
  6. ConocoPhillips COP -1.47 · $179B
  7. BP p.l.c. BP -1.46 · $128B
  8. Devon Energy Corporation DVN -1.42 · $56B
  9. ExxonMobil Holdings Corporation XOM -1.41 · $748B
  10. Occidental Petroleum Corporation OXY -1.38 · $63B

What it moves with

Most positively correlated factors (1 year)

  1. Market +0.66
  2. Semiconductors +0.60
  3. Long-Term Momentum +0.53

Most negatively correlated factors

  1. Short Interest -0.33
  2. Value -0.20
  3. Hedge-Fund Ownership -0.17

Correlation with ETFs

ETF1 year3 months
SPY S&P 500+0.74+0.66
IWM Small caps+0.70+0.58
TLT Long Treasuries+0.11-0.13
USO Oil-0.31-0.44
SMH Semiconductors+0.92+0.95
GLD Gold+0.40+0.39
XLU Utilities-0.02-0.02
BITO Bitcoin futures+0.45+0.31
KWEB China internet+0.33+0.16

← All FPUS1 factors