No CAPM, o beta de um investimento é o risco que aquele investimento acrescenta á característica de mercado. No APM, e nos modelos multifatoriais, os betas do investimento relativo a cada fator precisam ser medidos. Existem três abordagens disponíveis para a estimativa desses parâmetros. A primeira utiliza dados históricos dos preços de mercados, para cada um dos investimentos individuais. A segunda, é estimar os betas das características fundamentais do investimento; e a terceira, é usar dos dados da contabilidade de acordo com o desempenho da empresa em relação a um parâmetro de mercado previamente definido.
Apresentamos abaixo o estudo efetuado por Damondaran na análise de um banco de dados estatístico de empresas dos EUA.
| Industry Name | Number of Firms | Average Beta | Market D/E Ratio | Tax Rate | Unlevered Beta |
| Advertising | 32 | 1,68 | 40,84% | 16,02% | 1,25 |
| Aerospace/Defense | 66 | 0,98 | 26,64% | 20,08% | 0,81 |
| Air Transport | 36 | 1,03 | 59,08% | 21,35% | 0,70 |
| Apparel | 54 | 1,36 | 13,77% | 18,57% | 1,23 |
| Auto Parts | 54 | 1,76 | 24,37% | 18,77% | 1,47 |
| Automotive | 12 | 1,73 | 103,42% | 16,24% | 0,93 |
| Bank | 416 | 0,77 | 128,23% | 16,39% | 0,37 |
| Bank (Midwest) | 68 | 0,89 | 49,85% | 20,99% | 0,64 |
| Beverage | 35 | 0,95 | 22,29% | 18,82% | 0,80 |
| Biotechnology | 214 | 1,23 | 15,92% | 2,98% | 1,07 |
| Building Materials | 43 | 1,57 | 65,24% | 9,48% | 0,99 |
| Cable TV | 20 | 1,40 | 66,11% | 21,23% | 0,92 |
| Chemical (Basic) | 18 | 1,37 | 24,73% | 21,89% | 1,15 |
| Chemical (Diversified) | 33 | 1,55 | 16,69% | 19,75% | 1,37 |
| Chemical (Specialty) | 70 | 1,18 | 20,53% | 15,35% | 1,00 |
| Coal | 20 | 1,47 | 68,38% | 11,27% | 0,91 |
| Computer Software | 191 | 0,98 | 6,55% | 12,43% | 0,92 |
| Computers/Peripherals | 81 | 1,37 | 9,70% | 10,01% | 1,26 |
| Diversified Co. | 113 | 1,22 | 78,69% | 17,18% | 0,74 |
| Drug | 223 | 1,08 | 14,79% | 5,14% | 0,94 |
| E-Commerce | 64 | 1,05 | 6,74% | 10,52% | 0,99 |
| Educational Services | 33 | 0,91 | 24,73% | 21,72% | 0,76 |
| Electric Util. (Central) | 20 | 0,57 | 85,00% | 30,12% | 0,36 |
| Electric Utility (East) | 17 | 0,43 | 67,90% | 33,49% | 0,29 |
| Electric Utility (West) | 15 | 0,58 | 81,37% | 29,09% | 0,37 |
| Electrical Equipment | 64 | 1,43 | 12,28% | 16,15% | 1,29 |
| Electronics | 123 | 1,22 | 22,46% | 11,31% | 1,01 |
| Engineering & Const | 30 | 1,28 | 13,23% | 25,00% | 1,17 |
| Entertainment | 76 | 1,60 | 33,87% | 12,56% | 1,24 |
| Entertainment Tech | 42 | 1,11 | 11,54% | 11,01% | 1,01 |
| Environmental | 84 | 0,66 | 43,07% | 7,60% | 0,48 |
| Financial Svcs. (Div.) | 256 | 1,34 | 204,42% | 16,23% | 0,49 |
| Food Processing | 119 | 0,87 | 23,50% | 21,63% | 0,74 |
| Foreign Electronics | 10 | 1,10 | 45,71% | 23,12% | 0,81 |
| Funeral Services | 6 | 1,12 | 49,48% | 28,66% | 0,83 |
| Furn/Home Furnishings | 32 | 1,63 | 22,06% | 16,69% | 1,37 |
| Healthcare Information | 20 | 0,97 | 11,62% | 20,31% | 0,88 |
| Heavy Truck & Equip | 23 | 1,80 | 47,30% | 22,74% | 1,32 |
| Homebuilding | 22 | 1,55 | 49,57% | 7,12% | 1,06 |
| Hotel/Gaming | 57 | 1,65 | 44,75% | 17,52% | 1,21 |
| Household Products | 27 | 0,98 | 18,11% | 24,66% | 0,86 |
| Human Resources | 25 | 1,38 | 10,80% | 26,61% | 1,28 |
| Industrial Services | 136 | 0,97 | 36,56% | 20,19% | 0,75 |
| Information Services | 28 | 1,25 | 28,46% | 18,33% | 1,01 |
| Insurance (Life) | 32 | 1,44 | 55,85% | 21,09% | 1,00 |
| Insurance (Prop/Cas.) | 62 | 0,85 | 21,48% | 10,73% | 0,71 |
| Internet | 194 | 1,17 | 2,29% | 8,43% | 1,15 |
| Investment Companies | 31 | 1,27 | 7,55% | 2,26% | 1,18 |
| IT Services | 63 | 1,05 | 5,72% | 16,27% | 1,00 |
| Machinery | 94 | 1,26 | 17,39% | 22,73% | 1,11 |
| Maritime | 51 | 1,51 | 181,21% | 7,92% | 0,57 |
| Med Supp Invasive | 87 | 0,87 | 16,48% | 12,60% | 0,76 |
| Med Supp Non-Invasive | 143 | 1,07 | 12,89% | 10,61% | 0,96 |
| Medical Services | 118 | 0,84 | 50,23% | 17,72% | 0,59 |
| Metal Fabricating | 25 | 1,63 | 23,59% | 23,30% | 1,38 |
| Metals & Mining (Div.) | 77 | 1,62 | 15,42% | 11,24% | 1,42 |
| Natural Gas (Div.) | 31 | 1,28 | 41,08% | 22,02% | 0,97 |
| Natural Gas Utility | 27 | 0,46 | 66,15% | 28,80% | 0,31 |
| Newspaper | 14 | 1,86 | 39,29% | 18,35% | 1,41 |
| Office Equip/Supplies | 22 | 1,43 | 72,14% | 22,66% | 0,91 |
| Oil/Gas Distribution | 12 | 1,02 | 53,39% | 18,11% | 0,71 |
| Oilfield Svcs/Equip. | 81 | 1,66 | 27,72% | 18,20% | 1,35 |
| Packaging & Container | 27 | 1,20 | 56,17% | 23,09% | 0,84 |
| Paper/Forest Products | 32 | 1,37 | 43,01% | 11,43% | 0,99 |
| Petroleum (Integrated) | 26 | 1,17 | 20,47% | 30,34% | 1,02 |
| Petroleum (Producing) | 176 | 1,45 | 28,12% | 11,71% | 1,16 |
| Pharmacy Services | 18 | 1,17 | 18,88% | 23,18% | 1,02 |
| Pipeline MLPs | 53 | 0,74 | 44,37% | 4,30% | 0,52 |
| Power | 101 | 1,35 | 163,45% | 6,19% | 0,53 |
| Precious Metals | 83 | 1,03 | 13,65% | 11,13% | 0,92 |
| Precision Instrument | 82 | 1,27 | 21,21% | 14,13% | 1,07 |
| Property Management | 31 | 1,30 | 112,58% | 16,50% | 0,67 |
| Public/Private Equity | 12 | 2,02 | 28,73% | 19,17% | 1,64 |
| Publishing | 29 | 1,17 | 36,14% | 22,69% | 0,92 |
| R.E.I.T. | 127 | 1,43 | 37,01% | 0,04% | 1,04 |
| Railroad | 12 | 1,32 | 23,46% | 28,60% | 1,13 |
| Recreation | 51 | 1,45 | 37,75% | 20,31% | 1,11 |
| Reinsurance | 11 | 0,82 | 18,90% | 3,58% | 0,69 |
| Restaurant | 65 | 1,16 | 13,15% | 19,23% | 1,05 |
| Retail (Hardlines) | 79 | 1,79 | 26,01% | 22,55% | 1,49 |
| Retail (Softlines) | 42 | 1,43 | 5,59% | 25,57% | 1,37 |
| Retail Automotive | 19 | 1,39 | 44,33% | 32,69% | 1,07 |
| Retail Building Supply | 10 | 1,11 | 11,72% | 25,56% | 1,02 |
| Retail Store | 38 | 1,29 | 25,58% | 24,83% | 1,08 |
| Retail/Wholesale Food | 30 | 0,68 | 34,84% | 31,18% | 0,55 |
| Securities Brokerage | 27 | 1,07 | 264,59% | 30,41% | 0,38 |
| Semiconductor | 142 | 1,49 | 10,06% | 11,71% | 1,37 |
| Semiconductor Equip | 10 | 1,79 | 16,98% | 15,21% | 1,57 |
| Shoe | 17 | 1,26 | 1,94% | 19,89% | 1,24 |
| Steel | 33 | 1,65 | 56,21% | 24,24% | 1,16 |
| Telecom. Equipment | 105 | 1,07 | 13,31% | 14,01% | 0,96 |
| Telecom. Services | 76 | 1,15 | 31,82% | 16,22% | 0,91 |
| Telecom. Utility | 23 | 0,92 | 108,25% | 26,94% | 0,51 |
| Thrift | 170 | 0,68 | 19,50% | 15,84% | 0,58 |
| Tobacco | 11 | 0,86 | 18,87% | 32,82% | 0,76 |
| Toiletries/Cosmetics | 14 | 1,17 | 20,63% | 27,33% | 1,01 |
| Trucking | 34 | 1,09 | 42,33% | 25,94% | 0,83 |
| Water Utility | 11 | 0,49 | 73,18% | 31,45% | 0,33 |
| Wireless Networking | 58 | 1,35 | 25,67% | 10,06% | 1,10 |
| Total Market | 6177 | 1,17 | 42,92% | 14,93% | 0,86 |
