Silly Beta Question

al865149's picture
Rank: Senior Baboon | 179

Question: Which has a higher beta, a bank or a copper/gold producer?

I thought the answer would have been the bank, as the copper/gold producer is slightly diversified (when markets go down, gold generally does well and copper prices slide), whereas when markets are down, banks follow pretty steadily.

However, the copper/gold producer has a substantially higher beta than the bank mentioned.

Maybe my understanding of beta is incorrect. Any guidance?