High Beta Stocks

Beta is the calculation that measures the relative volatility of a stock in correlation to a particular standard. For U.S. stocks that standard is usually, but not always, the S&P 500. Beta is a form of regression analysis and it can be useful for investors regardless of their risk tolerance. Beta is considered one of the few data points that can be beneficial for practitioners of both fundamental analysis and technical analysis. This page lists stocks that have unusually high beta calculations.

Symbol Name Price Beta Volume Market Cap Last Annual Dividend
TSLA Tesla, Inc. $202.64 2.427 81.82M 645.37B 0
SHOP.TO Shopify Inc. $103.87 2.267 3.85M 133.7B 0
SHOP Shopify Inc. $76.59 2.267 7.78M 98.58B 0
FCX Freeport-McMoRan Inc. $37.93 2.059 10.24M 54.41B 0.6
PLTR Palantir Technologies Inc. $24.93 2.656 57.95M 52.62B 0
COIN Coinbase Global, Inc. $205.77 3.145 9.22M 49.85B 0
SQ Block, Inc. $79.25 2.526 8.76M 48.79B 0
CVE.TO Cenovus Energy Inc. $24 2.799 6.72M 44.92B 0.56
CVE Cenovus Energy Inc. $17.7 2.799 13.64M 33.13B 0.41
RCL Royal Caribbean Cruises Ltd. $124.26 2.546 2.61M 31.89B 0
HAL Halliburton Company $35.64 2.022 5.7M 31.72B 0.68
DVN Devon Energy Corporation $44.39 2.221 8.19M 28.19B 2.42
RKT Rocket Companies, Inc. $12.87 2.394 2.19M 25.56B 0
BLDR Builders FirstSource, Inc. $199.98 2.04 1.52M 24.39B 0
TRGP Targa Resources Corp. $99.34 2.163 1.24M 22.17B 2
CCL Carnival Corporation & plc $16 2.58 21.07M 20.02B 0
TQQQ ProShares UltraPro QQQ $63.13 3.47 69.98M 19.78B 0.63947
OVV.TO Ovintiv Inc. $68.32 2.661 216.66K 18.41B 1.62
MSTR MicroStrategy Incorporated $1079.39 2.617 2.57M 18.32B 0
IVN.TO Ivanhoe Mines Ltd. $14.34 2.024 839.22K 17.5B 0
CVNA Carvana Co. $82.96 3.188 6.96M 16.75B 0
VWESX Vanguard Long-Term Investment Grade Fund Investor Shrs $7.84 2.13 - 16.07B 0.125
VGLT Vanguard Long-Term Treasury Index Fund $59.01 2.11 4.02M 15.42B 2.1003
VLGSX Vanguard Long-Term Treasury Index Fund Admiral Shares $19.83 2.12 - 15.4B 0.242
MRO Marathon Oil Corporation $24.6 2.226 8.79M 14.2B 0.44
MGM MGM Resorts International $42.96 2.198 4.05M 13.73B 0.01
OVV Ovintiv Inc. $50.4 2.661 3.3M 13.58B 1.2
WES Western Midstream Partners, LP $34.33 2.747 981.81K 13.06B 2.3
PR Permian Resources Corporation $16.05 4.328 15.64M 11.88B 0.6
AFRM Affirm Holdings, Inc. $38.01 3.719 6.24M 11.67B 0
U Unity Software Inc. $28.91 2.52 9.95M 10.99B 0
ONON On Holding AG $34.65 2.067 5.01M 10.97B 0
RIVN Rivian Automotive, Inc. $11.35 2.077 30.32M 10.9B 0
X United States Steel Corporation $47.4 2.043 1.84M 10.61B 0.2
CLF Cleveland-Cliffs Inc. $21.08 2.027 6.73M 10.5B 0
TLT iShares 20+ Year Treasury Bond ETF $94.47 2.22 44.22M 10.36B 3.4224900000000003
URW.PA Unibail-Rodamco-Westfield SE $69.08 2.068 377.97K 9.59B 2.5
VBLAX Vanguard Long-Term Bond Index Fund Admiral Shares $10.88 2.13 - 9.49B 0.158
THC Tenet Healthcare Corporation $94.29 2.095 1.78M 9.43B 0
XPEV XPeng Inc. $9.95 2.987 22.24M 9.32B 0
CZR Caesars Entertainment, Inc. $42.96 2.842 2.85M 9.29B 0
APA APA Corporation $30.41 3.312 6.26M 9.17B 1
BLV Vanguard Long-Term Bond Fund $71.75 2.12 2.12M 9.12B 3.0843
WFG.TO West Fraser Timber Co. Ltd. $110.57 2.036 167.15K 9.03B 1.63
BBD-PB.TO Bombardier Inc. $17.4 3.028 400 8.8B 1.8
SPTL SPDR Portfolio Long Term Treasury ETF $27.82 2.11 3.73M 8.4B 0.9654180000000001
ETSY Etsy, Inc. $69.81 2.054 2.88M 8.27B 0
PVH PVH Corp. $137.84 2.195 497.88K 8.22B 0.15
NCLH Norwegian Cruise Line Holdings Ltd. $19.29 2.602 11.22M 8.21B 0
AMKR Amkor Technology, Inc. $33.07 2.002 1.01M 8.13B 0.32
MEG.TO MEG Energy Corp. $29.34 3.129 3.84M 8B 0
AR Antero Resources Corporation $25.92 3.295 3.76M 7.87B 0
WCC WESCO International, Inc. $152.07 2.106 632.11K 7.75B 1.54
KEY.TO Keyera Corp. $33.64 2.137 670.14K 7.71B 2
MTDR Matador Resources Company $64.44 3.323 1.2M 7.7B 0.8
SOXL Direxion Daily Semiconductor Bull 3X Shares $48.33 4.34 90.17M 7.6B 0.15894
CLS.TO Celestica Inc. $61.37 2.266 1.17M 7.3B 0
VCLT Vanguard Long-Term Corporate Bond Index Fund $77.26 2.18 2.17M 7.25B 3.7814999999999994
VLTCX Vanguard LT Corporate Bond Index Fund Admiral Shs $20.73 2.18 - 7.24B 0.34400000000000003
W Wayfair Inc. $60.12 3.314 3.09M 7.24B 0
MARA Marathon Digital Holdings, Inc. $27 5.446 77.03M 7.23B 0
GPS The Gap, Inc. $19.06 2.238 5.18M 7.07B 0.6
DOO.TO BRP Inc. $89.39 2.402 79312 6.74B 0.72
WFG West Fraser Timber Co. Ltd. $81.63 2.036 106.65K 6.67B 1.2
AM Antero Midstream Corporation $13.51 2.12 2.12M 6.48B 0.9
AC.TO Air Canada $18.13 2.417 1.92M 6.37B 0
CPG.TO Crescent Point Energy Corp. $10.15 2.873 5.13M 6.36B 0.4
ATKR Atkore Inc. $172.52 2.173 599.92K 6.34B 1.28
FLR Fluor Corporation $36.65 2.148 1.55M 6.25B 0
MUR Murphy Oil Corporation $40.45 2.222 1.91M 6.18B 1.2
CHX ChampionX Corporation $31.89 2.453 898.6K 6.09B 0.38
WCP.TO Whitecap Resources Inc. $9.61 2.803 1.84M 5.83B 0.64
ENLC EnLink Midstream, LLC $12.68 2.346 1.42M 5.75B 0.53
QLD ProShares Ultra QQQ $88.61 2.33 3.1M 5.68B 0.254502
CLS Celestica Inc. $45.3 2.266 3.64M 5.39B 0
CPRI Capri Holdings Limited $45.81 2.076 988.13K 5.34B 0
CS.TO Capstone Copper Corp. $6.95 2.334 1.55M 5.28B 0
BROS Dutch Bros Inc. $29.67 2.421 1.72M 5.27B 0
SM SM Energy Company $44.5 4.182 1.64M 5.15B 0.72
STNE StoneCo Ltd. $17.12 2.428 3.98M 5.14B 0
DOOO BRP Inc. $65.99 2.402 56496 5.09B 0.54
BBD-PC.TO Bombardier Inc. $18.8 3.028 1800 5.08B 1.56
RH RH $277.63 2.443 357.63K 5.06B 0
PRULX T. Rowe Price U.S. Treasury Long-Term Index Fund $7.54 2.1 - 5.01B 0.09
NVEI.TO Nuvei Corporation $35.9 3.295 229.55K 5B 0.54
AA Alcoa Corporation $27.68 2.488 6.84M 4.97B 0.4
M Macy's, Inc. $18.01 2.187 8.28M 4.94B 0.69
SSL Sasol Limited $7.8 2.279 586.46K 4.9B 0.63
ERF.TO Enerplus Corporation $24.08 2.623 740.22K 4.89B 0.35
TMF Direxion Daily 20+ Year Treasury Bull 3X Shares $55.25 6.58 7.28M 4.87B 1.1274000000000002
BBD-B.TO Bombardier Inc. $49.74 3.028 455.77K 4.86B 0
PTEN Patterson-UTI Energy, Inc. $11.74 2.248 5.29M 4.79B 0.32
MOD Modine Manufacturing Company $91.7 2.237 1.59M 4.79B 0
CPG Crescent Point Energy Corp. $7.49 2.873 8.37M 4.69B 0.3
HRI Herc Holdings Inc. $163.16 2.3 251.66K 4.62B 2.66
GLXY.TO Galaxy Digital Holdings Ltd. $13.97 3.2 924.35K 4.51B 0
SIG Signet Jewelers Limited $101.57 2.182 665.38K 4.5B 0.92
SSO ProShares Ultra S&P500 $74.66 2 2.46M 4.45B 0.11814
POU.TO Paramount Resources Ltd. $29.94 3.316 247.15K 4.31B 1.5
FNBGX Fidelity Long-Term Treasury Bond Index Fund $9.73 2.11 - 4.21B 0.11

High Beta Stocks

TWe often hear the word beta in the context of “beta test”. It’s a way of testing something (e.g. a software program) in a real-world situation to iron out any glitches before rolling it out to the public.

In the context of investing, understanding beta also serves a predictive function. Specifically, knowing a stock’s beta can help investors understand why a company may be performing or underperforming. In this way, beta can help investors predict how a stock is likely to perform before they buy the stock.

This article will define beta and key terms to help investors understand beta. We’ll also review the difference between provided beta and personally calculated beta, what beta indicates, and how to use beta to diversify a portfolio. And finally, we’ll look at a couple of limitations to beta.

Beta is a Measurement of Volatility That Supports Fundamental and Technical Indicators

Beta measures the relative volatility of a stock in correlation to a particular standard. For U.S. stocks that standard is usually, but not always, the S&P 500. Beta can also be used by investors to evaluate a particular stock’s expected rate of return, particularly when using the Capital Asset Pricing Model (CAMP).

Beta is a form of regression analysis and it can be useful for investors regardless of their risk tolerance. Beta is considered one of the few data points that can be beneficial for practitioners of fundamental analysis and technical analysis. Investors who tend to analyze stocks using fundamental analysis will use beta along with price-to-earnings ratio, shareholders equity, debt-to-equity ratio and other factors. Technical analysts will use beta as an indicator of stocks that offer the price movement they are seeking. They will use beta along with other indicators such as average daily trading volume (ADTV) and a stock’s moving average.

What is the Formula for Calculating Beta?

Investing websites like MarketBeat give investors access to many company’s financial metrics. This means that investors do not typically need to calculate beta for themselves. But it’s still helpful to understand the meaning of two variables that are used in the formula for beta. These variables are covariance and variance.

  • Covariance is a measurement of how two stocks move together. If the number is positive it means the price movement is generally correlated (i.e. when one stock goes up, so does the other and vice versa). If the number is negative, it means the price movement is generally not correlated (i.e. when one stock goes up, the other goes down and vice versa).
  • Variance is a measurement of how far a stock moves in relation to its mean. In the case of beta, the mean is whatever benchmark is being used.

What Are the Variables in “Provided Beta” Calculations?

In many cases, a financial website will give what’s known as the “provided beta” for a particular stock. For active traders, financial software programs will also provide the beta value. When using a provided beta, investors should pay attention to two variables.

First, it’s important to understand what benchmark is being used to determine beta. Since the beta shows a correlation between a particular security and something, an investor needs to know what that something is. As pointed out above, for U.S. stocks it is common for beta to be expressed as a correlation to a stock index, usually the S&P 500, but not always. In some cases, the Dow Jones Industrial Average (DJIA) may be used, or even the NASDAQ.

The second thing an investor will need to know about a stock’s beta is the time frame that is being measured. If you’re a long-term investor, you may want to know the beta over several years. If you’re an active trader, you’ll probably be more interested in the beta over a much more recent timeframe.

A personally calculated beta, on the other hand, is one that investors will calculate for themselves. To calculate beta, investors will have to know the covariance between the return of the stock being analyzed and the return of the benchmark for that stock as well as the variance of the market returns.

As we mentioned above, many financial software programs will do the calculation for you. It is also possible to use an Excel spreadsheet to calculate beta. For many investors, particularly those who are engaging in day trading, a personally calculated beta may be more accurate for their needs.