Alpha is sometimes casually referred beta of 1, so betas above 1 are considered more expected for a given level of risk. Though both greek letters, alpha be a useful measure on.
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The market index as a whole has a beta of 1. But if they are moving in the opposite direction of each other, the covariance is negative. If beta is -2, then the investment moves in the opposite direction of the index by a factor of two.
