Beta measures how much a fund's returns have moved with its benchmark: 1 means in step, above 1 means larger swings, below 1 smaller ones.
Beta compares a fund's ups and downs with those of its benchmark, using past returns.
A fund with a beta below 1 has usually fallen less than its market in a decline, and also risen less in a rally. A beta above 1 means larger swings both ways.
Beta is worked out over a past period, such as the last three years, and it changes as the portfolio changes. It is only meaningful when the fund and its benchmark move together closely, which R-squared shows. A gold fund measured against a share index, for example, would have a low R-squared and a beta that says little.
Beta is also used to work out alpha, the return above what the fund's market exposure would predict.
Each fund page has its returns, risk, costs, managers and everything it holds.