MCTR
CTRL Group Limited
stock NASDAQ

standard Beta is just a measure of how a stock moves with the market, which is useless if your goal is to understand how that stock actually affects your specific risk profile. If you're looking for an alternative, you should look into Active Beta or Marginal Contribution to Risk (MCTR). Instead of looking at the market, these look at the covariance of a candidate stock against your existing holdings. I actually got so frustrated with this same issue that I built an open-source tool called Internal Beta to solve it. It uses Ledoit-Wolf shrinkage to stabilize the risk estimation so you aren't just relying on noisy past data. It calculates the risk relative to your actual portfolio rather than an arbitrary index. It’s totally free/self-hosted if you want to play with the math yourself: [https://github.com/adifinki/internal-beta](https://github.com/adifinki/internal-beta)

standard Beta is just a measure of how a stock moves with the market, which is useless if your goal is to understand how that stock actually affects your specific risk profile. If you're looking for an alternative, you should look into Active Beta or Marginal Contribution to Risk (MCTR). Instead of looking at the market, these look at the covariance of a candidate stock against your existing holdings. I actually got so frustrated with this same issue that I built an open-source tool called Internal Beta to solve it. It uses Ledoit-Wolf shrinkage to stabilize the risk estimation so you aren't just relying on noisy past data. It calculates the risk relative to your actual portfolio rather than an arbitrary index. It’s totally free/self-hosted if you want to play with the math yourself: [https://github.com/adifinki/internal-beta](https://github.com/adifinki/internal-beta)