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In investing, upside beta is the element of traditional beta that investors do not typically associate with the true meaning of risk. It is defined to be the scaled amount by which an asset tends to move compared to a benchmark, calculated only on days when the benchmark’s return is positive. ==Formula== Upside beta measures this upside risk. The Capital asset pricing model (CAPM) can be modified to use semi-variance instead of standard deviation to measure risk. Where and are the excess returns to security and market , and is the average market excess return, and Cov and Var are the covariance and variance operators, the CAPM can be modified to incorporate upside (or downside) beta as follows. : Therefore, and can be estimated with a regression of excess return of security on excess return of the market, conditional on excess market return being below the mean (downside beta) and above the mean (upside beta)." Upside beta is calculated using asset returns only on those days when the benchmark returns are positive. Upside beta and downside beta are also differentiated in the dual-beta model. Though rarely the case, an investor facing two hypothetical stocks with same downside betas and identical mean returns would be better off selecting the stock with higher upside beta, since upside beta can be thought of as a representative of potential returns. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Upside beta」の詳細全文を読む スポンサード リンク
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