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How Does Beta Work? | Beta In Stocks Explained
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00:00
Have you come across beta when you're looking up stocks and been wondering what it means?
當你查詢股票時，是否曾接觸過 Beta（貝塔係數）並想知道它的含義？
00:04
What exactly does a beta of a stock tell you and how can you use it to your advantage?
股票的 Beta 值究竟告訴你什麼？你又該如何利用它來獲取優勢？
00:08
All of these topics and more are covered in today's video.
今天的影片將涵蓋這些主題以及更多內容。
00:12
Hey, welcome to Rhinance, the channel centered around your financial education to help make you a better investor.
嗨，歡迎來到 Rhinance，這個頻道專注於你的財經教育，旨在幫助你成為更出色的投資者。
00:18
If you find my video helpful and want to see more, be sure to subscribe as I upload new investing videos every week.
如果你覺得我的影片有幫助並想觀看更多內容，請務必訂閱，因為我每週都會上傳新的投資影片。
00:25
So what exactly is beta?
那麼，Beta 究竟是什麼？
00:27
Beta is a measure of volatility or risk for an individual stock.
Beta 是衡量個股波動性或風險的指標。
00:32
It tells you how correlated the stock is with the market average and gives you a better idea of how volatile the stock will be when compared to the market.
它告訴你該股票與大盤平均值的關聯程度，並讓你更清楚地了解該股票相對於大盤的波動情況。
00:39
Stocks with a higher beta mean they are more volatile than the market, and stocks with a lower beta mean they are less volatile.
Beta 值較高的股票意味著它們比大盤波動更大，而 Beta 值較低的股票則意味著波動較小。
00:47
To find beta, each stock will be compared to a market index to understand if it moves in tandem with that index or not.
為了計算 Beta，每支股票都會與一個市場指數進行比較，以了解它是否與該指數同步波動。
00:55
Usually, the S&P 500 is the main market index used for beta, so it is a benchmark to which stocks are compared.
通常，標準普爾 500 指數（S&P 500）是用於計算 Beta 的主要市場指數，因此它是股票比較的基準。
01:02
The Greek letter beta is often used to represent beta, so if you see this symbol, that's what it means.
希臘字母 beta（β）通常用來代表 Beta 值，所以如果你看到這個符號，它就是指這個意思。
01:09
Great, so how does this work then?
很好，那麼這具體是如何運作的呢？
01:11
Well, remember beta is a measure of how much a stock moves relative to the index.
嗯，請記住，Beta 是衡量股票相對於指數波動幅度的指標。
01:16
It can be thought of as a scale in which a beta of 1 is the midpoint.
我們可以將其視為一個刻度，其中 Beta 為 1 是中點。
01:21
A beta of 1 represents a perfect correlation with the stock market.
Beta 為 1 代表與股市有完美的關聯性。
01:25
That means that whatever the index does for a given period of time, the stock should have the exact same movements as the index.
這意味著在給定的時間段內，無論指數發生什麼變化，該股票的走勢都應與指數完全相同。
01:33
Now when you have a beta greater than 1, that means that the stock is more sensitive than the index.
當 Beta 值大於 1 時，意味著該股票比指數更敏感。
01:39
So if a stock has a beta of 1.5, for example, that means that for every 1% change in the market average, the stock itself will move by 1.5%.
舉例來說，如果某支股票的 Beta 為 1.5，這意味著大盤平均值每變動 1%，該股票本身就會變動 1.5%。
01:50
Likewise, when you have a beta of less than 1, the stock is less sensitive than the index.
同樣地，當 Beta 值小於 1 時，該股票的敏感度低於指數。
01:56
So if the stock you're interested in has a beta of 0.7, that means for every 1% move in the market, the stock will only change by 0.7%.
所以，如果你有興趣的股票的 Beta 值為 0.7，這意味著市場每變動 1%，該股票只會變動 0.7%。
02:07
It's also important to note that this relationship reflects both positive and negative changes in the market.
同樣重要的是要注意，這種關係反映了市場的正向和負向變動。
02:13
So for that stock that had a beta of 1.5, if the market has a day where it loses 1%, you can expect the stock to also decline, but it will decline by 1.5%.
所以，對於那檔 Beta 值為 1.5 的股票，如果市場有一天下跌了 1%，你可以預期該股票也會下跌，但它會下跌 1.5%。
02:24
Something else that's interesting about beta is that you can have assets with a beta of 0.
Beta 值另一個有趣的地方是，你可以擁有 Beta 值為 0 的資產。
02:30
For assets that have a beta of 0, that means there is no correlation whatsoever between the asset and the stock market.
對於 Beta 值為 0 的資產，這意味著該資產與股票市場之間完全沒有任何相關性。
02:37
Cash is often regarded as an asset with a beta of 0 because the amount of cash you have in your bank account has nothing to do with how the stock market performs.
現金通常被視為 Beta 值為 0 的資產，因為你銀行帳戶裡的現金數量與股票市場的表現無關。
02:46
Another interesting asset here is Bitcoin.
這裡另一個有趣的資產是比特幣。
02:49
Regardless of your views on crypto, Bitcoin actually has a beta of 0, meaning that the changes in Bitcoin have no correlation whatsoever with the changes in the stock market and vice versa.
不論你對加密貨幣的看法如何，比特幣的 Beta 值實際上是 0，這意味著比特幣的變動與股票市場的變動完全沒有任何相關性，反之亦然。
03:00
Lastly, assets can also have a negative beta.
最後，資產也可以有負的 Beta 值。
03:04
Although this may be counterintuitive at first, it just means that the asset has an inverse relationship with the stock market.
雖然這一開始可能違反直覺，但它只是意味著該資產與股票市場存在反向關係。
03:10
So when the market is up, the negative beta asset is down.
所以當市場上漲時，負 Beta 值的資產會下跌。
03:14
Gold is typically used as an example of this.
黃金通常被用作這方面的一個例子。
03:17
When the stock market is in a bull run, gold is usually losing its value.
當股票市場處於牛市時，黃金通常會失去其價值。
03:21
But the opposite is true as well.
但相反的情況也是真的。
03:23
In times of recessions and stock market declines, gold usually shines as an asset that will perform well in these periods.
在經濟衰退和股市下跌的時期，黃金通常會成為一顆閃亮的資產，在這些時期表現良好。
03:30
Before we end off this video, let's do a quick example with how you can see beta at work in the market.
在我們結束這支影片之前，讓我們做一個簡單的示例，看看你如何在市場中看到 Beta 值的運作。
03:36
Let's have a look at two different stocks, Home Depot and Apple.
讓我們看看兩檔不同的股票：家得寶（Home Depot）和蘋果（Apple）。
03:40
For Home Depot, they have a beta very close to one, meaning that their stock price should move very closely with the market.
對於家得寶，它們的 Beta 值非常接近 1，這意味著它們的股價應該與市場走勢非常緊密。
03:47
We have a chart here in which green is Home Depot and red is the S&P 500.
我們這裡有一張圖表，綠色是家得寶，紅色是標準普爾 500 指數。
03:53
So when you compare the price action of Home Depot compared to the S&P 500, you can see that Home Depot has some variations, but most of the time it's just going up and down in tandem with the market.
所以當你比較家得寶與標準普爾 500 指數的價格走勢時，你可以看到家得寶有一些波動，但大部分時間它只是與市場同步上下波動。
04:05
Now let's compare that to Apple.
現在讓我們將它與蘋果（Apple）做比較。
04:07
Apple has a beta of 1.25, meaning that the price changes in Apple should be more pronounced than the changes in the market.
蘋果的 Beta 值為 1.25，這意味著蘋果的價格波動應該比市場波動更為劇烈。
04:14
Once again, we have Apple in green and the S&P 500 in red.
再一次，我們用綠色表示蘋果，用紅色表示 S&P 500。
04:18
As you can see here, with Apple compared to the S&P 500, the moves are similar, but the moves in Apple are of greater magnitude than the S&P 500.
如您在此所見，與 S&P 500 相比，兩者的走勢相似，但蘋果的波動幅度大於 S&P 500。
04:28
Remember that beta is an average, so on green days, Apple usually gains more than the market, but on red days, Apple usually loses more than the market.
請記住，Beta 值是一個平均值，因此在上漲的日子（綠色），蘋果通常比市場漲得更多；但在下跌的日子（紅色），蘋果通常比市場跌得更多。

How Does Beta Work? | Beta In Stocks Explained

📝 影片摘要

本單元深入解析財經術語 Beta（貝塔係數）的意義與應用。Beta 是衡量個股相對於大盤（如 S&P 500 指數）波動性與風險的指標。影片詳細說明了 Beta 值的計算邏輯：當 Beta 為 1 時，股票與市場同步；大於 1 代表波動比市場劇烈（如 Apple）；小於 1 則波動較平緩（如 Home Depot）。此外，影片還探討了 Beta 值為 0（如現金、比特幣）及負值（如黃金）的特殊資產，幫助投資者理解不同資產與市場的關聯性，從而制定更佳的投資策略。

📌 重點整理

  • ✓ Beta 是衡量個股相對於大盤波動性（Volatility）的指標。
  • ✓ 標準普爾 500 指數（S&P 500）通常作為計算 Beta 的基準指數。
  • ✓ Beta = 1：股票走勢與大盤完全同步。
  • ✓ Beta > 1（如 1.5）：股票波動比大盤劇烈，市場漲跌 1%，股票變動 1.5%。
  • ✓ Beta < 1（如 0.7）：股票波動比大盤平緩，市場漲跌 1%，股票變動 0.7%。
  • ✓ Beta = 0：資產與股市無相關性，例如現金及比特幣。
  • ✓ 負 Beta（Negative Beta）：資產與股市呈反向關係，例如黃金。
  • ✓ Beta 是平均值，高 Beta 股在上漲日漲更多，下跌日也跌更多。
📖 專有名詞百科 ｜點擊詞彙查看維基百科解釋
貝塔係數
beta
波動性
volatility
相關的
correlated
基準
benchmark
敏感的
sensitive
相反的
inverse
違反直覺的
counterintuitive
經濟衰退
recession
顯著的
pronounced
規模
magnitude

🔍 自訂查詢

📚 共 10 個重點單字
beta /ˈbeɪtə/ noun
a measure of a stock's volatility in relation to the market.
貝塔係數（衡量股票相對於市場波動的指標）
📝 例句
"So what exactly is beta?"
→ 那麼 Beta 究竟是什麼？
✨ 延伸例句
"The Greek letter beta is often used to represent beta."
→ 希臘字母 beta 通常用來代表 Beta 值。
volatility /ˌvɒləˈtɪləti/ noun
the quality of being likely to change suddenly
波動性；不穩定性
📝 例句
"Beta is a measure of volatility or risk for an individual stock."
→ Beta 是衡量個股波動性或風險的指標。
✨ 延伸例句
"Stocks with a higher beta mean they are more volatile than the market."
→ Beta 值較高的股票意味著它們比大盤波動更大。
correlated /ˈkɒrəleɪtɪd/ adjective
having a mutual relationship or connection
相關的；有關聯的
📝 例句
"It tells you how correlated the stock is with the market average."
→ 它告訴你該股票與大盤平均值的關聯程度。
✨ 延伸例句
"A beta of 1 represents a perfect correlation with the stock market."
→ Beta 為 1 代表與股市有完美的關聯性。
benchmark /ˈbentʃmɑːrk/ noun
a standard or point of reference against which things may be compared.
基準；參照標準
📝 例句
"Usually, the S&P 500 is the main market index used for beta, so it is a benchmark to which stocks are compared."
→ 通常，標準普爾 500 指數是用於計算 Beta 的主要市場指數，因此它是股票比較的基準。
✨ 延伸例句
"The S&P 500 serves as a benchmark for the overall market."
→ S&P 500 指數作為整體市場的基準。
sensitive /ˈsensɪtɪv/ adjective
likely to be influenced by emotional changes
敏感的；易受影響的
📝 例句
"Now when you have a beta greater than 1, that means that the stock is more sensitive than the index."
→ 當 Beta 值大於 1 時，意味著該股票比指數更敏感。
✨ 延伸例句
"If a stock has a beta of 1.5, it is more sensitive to market changes."
→ 如果某支股票的 Beta 為 1.5，它對市場變化的敏感度更高。
inverse /ɪnˈvɜːrs/ adjective
opposite in position, direction, or order
相反的；倒轉的
📝 例句
"Although this may be counterintuitive at first, it just means that the asset has an inverse relationship with the stock market."
→ 雖然一開始可能違反直覺，但它只是意味著該資產與股票市場存在反向關係。
✨ 延伸例句
"When the market is up, the negative beta asset is down (inverse relationship)."
→ 當市場上漲時，負 Beta 資產下跌（反向關係）。
counterintuitive /ˌkaʊntərɪnˈtjuːɪtɪv/ adjective
contrary to what one would intuitively expect
違反直覺的
📝 例句
"Although this may be counterintuitive at first, it just means that the asset has an inverse relationship with the stock market."
→ 雖然一開始可能違反直覺，但它只是意味著該資產與股票市場存在反向關係。
✨ 延伸例句
"Negative beta assets can be counterintuitive for new investors."
→ 負 Beta 資產對新投資者來說可能很違反直覺。
recession /rɪˈseʃn/ noun
a period of temporary economic decline during which trade and industrial activity are reduced
經濟衰退；經濟蕭條
📝 例句
"In times of recessions and stock market declines, gold usually shines as an asset."
→ 在經濟衰退和股市下跌的時期，黃金通常會成為表現良好的資產。
✨ 延伸例句
"Investors often seek safe havens during a recession."
→ 投資者在經濟衰退期間通常會尋找避風港。
pronounced /prəˈnaʊnst/ adjective
very noticeable or marked
顯著的；明顯的
📝 例句
"Apple has a beta of 1.25, meaning that the price changes in Apple should be more pronounced than the changes in the market."
→ 蘋果的 Beta 為 1.25，意味著蘋果的價格波動應該比市場波動更為劇烈。
✨ 延伸例句
"The difference in their performance was quite pronounced."
→ 他們表現的差異相當顯著。
magnitude /ˈmæɡnɪtuːd/ noun
the great size or extent of something
規模；量級；幅度
📝 例句
"The moves in Apple are of greater magnitude than the S&P 500."
→ 蘋果的波動幅度大於 S&P 500。
✨ 延伸例句
"The earthquake was of a high magnitude."
→ 那次地震的震級很高。
🎯 共 10 題測驗

1 What is the main purpose of Beta in the context of stocks? 在股票投資中，Beta 的主要用途是什麼？ What is the main purpose of Beta in the context of stocks?

在股票投資中，Beta 的主要用途是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video states that Beta is a measure of volatility or risk for an individual stock and tells you how correlated the stock is with the market average.

影片指出 Beta 是衡量個股波動性或風險的指標，並告訴你股票與大盤平均值的關聯程度。

2 Which market index is typically used as the benchmark for calculating Beta? 通常使用哪個市場指數作為計算 Beta 的基準？ Which market index is typically used as the benchmark for calculating Beta?

通常使用哪個市場指數作為計算 Beta 的基準？

✅ 正確！ ❌ 錯誤，正確答案是 C

The video mentions that usually, the S&amp;P 500 is the main market index used for beta.

影片提到，通常標準普爾 500 指數（S&P 500）是用於計算 Beta 的主要市場指數。

3 If a stock has a Beta of 1, what does this indicate? 如果一支股票的 Beta 為 1，這代表什麼？ If a stock has a Beta of 1, what does this indicate?

如果一支股票的 Beta 為 1，這代表什麼？

✅ 正確！ ❌ 錯誤，正確答案是 C

A beta of 1 represents a perfect correlation with the stock market, meaning the stock moves exactly the same as the index.

Beta 為 1 代表與股市有完美的關聯性，意味著股票走勢與指數完全相同。

4 If the market average changes by 1% and a stock has a Beta of 1.5, how much will the stock move? 如果大盤平均變動 1%，而某支股票的 Beta 為 1.5，該股票會變動多少？ If the market average changes by 1% and a stock has a Beta of 1.5, how much will the stock move?

如果大盤平均變動 1%，而某支股票的 Beta 為 1.5，該股票會變動多少？

✅ 正確！ ❌ 錯誤，正確答案是 C

For every 1% change in the market average, a stock with a beta of 1.5 will move by 1.5%.

大盤平均每變動 1%，Beta 為 1.5 的股票本身會變動 1.5%。

5 Which of the following assets is described as having a Beta of 0? 以下哪種資產被描述為 Beta 值為 0？ Which of the following assets is described as having a Beta of 0?

以下哪種資產被描述為 Beta 值為 0？

✅ 正確！ ❌ 錯誤，正確答案是 C

Cash is often regarded as an asset with a beta of 0 because the amount of cash has nothing to do with how the stock market performs.

現金通常被視為 Beta 值為 0 的資產，因為現金數量與股市表現無關。

6 What is the relationship between the stock market and an asset with a negative Beta? 股市與具有負 Beta 值的資產之間存在什麼關係？ What is the relationship between the stock market and an asset with a negative Beta?

股市與具有負 Beta 值的資產之間存在什麼關係？

✅ 正確！ ❌ 錯誤，正確答案是 B

A negative beta asset has an inverse relationship with the stock market, meaning when the market is up, the asset is down.

負 Beta 資產與股市呈反向關係，意思是當市場上漲時，資產價格下跌。

7 Which asset is used in the video as an example of negative Beta? 影片中使用哪種資產作為負 Beta 的例子？ Which asset is used in the video as an example of negative Beta?

影片中使用哪種資產作為負 Beta 的例子？

✅ 正確！ ❌ 錯誤，正確答案是 D

Gold is typically used as an example of an asset with a negative beta.

黃金通常被用作具有負 Beta 值資產的例子。

8 According to the video, what is Bitcoin's Beta value? 根據影片，比特幣的 Beta 值是多少？ According to the video, what is Bitcoin's Beta value?

根據影片，比特幣的 Beta 值是多少？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video states that Bitcoin actually has a beta of 0, meaning no correlation with the stock market.

影片指出比特幣的 Beta 值實際上是 0，意味著與股市沒有任何相關性。

9 Why does the video say Beta is an average? 影片為什麼說 Beta 是一個平均值？ Why does the video say Beta is an average?

影片為什麼說 Beta 是一個平均值？

✅ 正確！ ❌ 錯誤，正確答案是 B

Beta is an average, so on green days (up), high beta stocks usually gain more than the market, but on red days (down), they lose more.

Beta 是一個平均值，所以在上漲日（綠色），高 Beta 股通常比市場漲更多；但在下跌日（紅色），它們通常跌更多。

10 What does a Beta of 0.7 imply about a stock's movement? Beta 為 0.7 意味著股票的走勢如何？ What does a Beta of 0.7 imply about a stock's movement?

Beta 為 0.7 意味著股票的走勢如何？

✅ 正確！ ❌ 錯誤，正確答案是 C

A beta of 0.7 means the stock is less sensitive than the index; for every 1% market move, it only changes by 0.7%.

Beta 為 0.7 代表股票的敏感度低於指數；市場每變動 1%，它只會變動 0.7%。

測驗完成！得分： / 10

完成課程 🎉