First, correct a mistake. Alpha is the alpha coefficient ~ ~ and you said beta is the beta coefficient ~ I don't know which one you are asking, so I want to tell you that the alpha coefficient (α) is the difference between the actual return of the fund and the expected return calculated according to the beta coefficient. Its calculation method is as follows: the excess return is the income of the fund MINUS the income of risk-free investment (in China, it is the income of 1 year bank time deposit); Expected return is the product of beta coefficient β and market return, which reflects the income of the fund due to the overall changes in the market; The difference between the excess return and the expected return is the α coefficient. Beta coefficient (β) is a relative index to measure the overall volatility of fund returns relative to performance evaluation benchmark returns. The higher the beta, the greater the fluctuation of the fund relative to the performance evaluation benchmark. If β is greater than 1, the volatility of the fund is greater than that of the performance evaluation benchmark. Or conversely, when Dallas goes to the audience, if β is 1, the market will rise 10%, and the fund will rise10%; The market fell 10%, and the fund fell accordingly 10%. If β is 1. 1 and the market rises 10%, the fund rises11%; When the market falls 10%, the fund falls 1 1%. If β is 0.9 and the market rises by 10%, the fund will rise by 9%; When the market fell 10%, the fund fell by 9%.