Although this is probably a basic question, this is probably also the right forum to post it in :)
I thought I understood beta, but know I am really confused...
The beta between my portfolio (weekly returns) and the benchmark (ACWI in Danish Kroner) is 0,48. So historically my portfolio has had half the volatility of the benchmark. Great.
If I turn the calculation around and look at the benchmark relative to my portfolio (I hope it makes sense) I get a beta of 0,74. So the benchmark has now been less volatile, than my portfolio. I can this be? I would expect the beta of the benchmark relative to my portfolio to be greater than 1...
Here is a link to the data (weekly) if needed: