Definition:
Beta
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The Beta (β) of a stock or portfolio is a number describing the correlation of its returns with that of the greater financial market.A positive Beta means the stock moves in the same direction as the market. A negative Beta means it moves in the opposite direction of the market. A Beta of zero means the stock has no correlation with the market and moves independently of it.
Beta is used as a coefficient in the capital asset pricing model (CAPM).
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