Market beta and sensitivity to the benchmark

Beta (covariance ÷ variance) against SPY on daily returns, with the return correlation, R² (the share of variance the market explains) and annualized alpha (the return the market does not explain). Beta is a sensitivity, not a direction.

AAPLvs SPY · 502 daily returns

Beta · 2y

1.03×

vs SPY · ±0.06 (1 SE)

Beta · 3m

0.54×

trailing 63-day window

Correlation

0.60

R² 36% explained by market

Alpha · ann.

+10.92%

no significance test — a description, not a verdict

beta 1.03×502d daily log-returns vs SPYOLS cov/var · SE ±0.06beta 0.54×recent 63dsame regression · approx SE ±0.18 (√n-scaled)alpha +10.92%502d dailyOLS intercept × 252 · no t-statistic

AAPL has a beta of 1.03× vs SPY — in line with the market. The market explains about 36% of its day-to-day moves; the rest is name-specific. Drift: recent (63-day) beta is lower (0.54× vs 1.03×), outside the ±0.35 (2 SE) interval — beta is falling.

2-year

1.03×

63d

0.54×

Beta = cov(name, market) ÷ var(market) on 502 daily log-returns vs SPY. Annualized alpha = OLS intercept × 252, reported without a significance test. SE(β) = |β|·√((1/R²−1)/(n−2)) on the served R² and window; the 63-day SE is √n-scaled from it (approximate), and rising/falling is only claimed beyond 2 SE. Your decisions, your risk.