The volatility of beta coefficient > 1 combination is greater than that of the whole market.
Beta coefficient = 1 Portfolio keeps pace with market changes.
The volatility of beta coefficient < 1 combination is less than that of the whole market.
Beta coefficient =0 portfolio has nothing to do with the fluctuation of the overall market.
The idea of Alpha strategy is to hedge the systemic risk of the portfolio through stock index futures hedging, and then lock in the excess return Alpha. The ultimate goal of this strategy is to maximize the excess return while obtaining the market rate of return. If the portfolio manager properly adjusts the beta value of the portfolio by using stock index futures, he can expose some income unrelated to the market to risks, and finally get the alpha income brought by stock selection ability.