The following formula is involved in the calculation of beta values:
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Beta value:

where COV(I,M) is the covariance between the investment returns and the market returns, and VAR(M) is the variance of the market returns.
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The following references can be used to cite this beta value calculator:
 | Soper, D.S. (2019) "Beta Value Calculator (Online Software)", http://www.danielsoper.com/fincalc. |
 | Siegel, J. and Shim, J. (1997). "Schaum's Quick Guide to Business Formulas", New York, NY: McGraw-Hill. |