老师，这道题的思路我是考虑ρ大小，这和BETA有什么区别呢，应该怎么理解。

问题如下：

An analyst gathers the following information:

With respect to the capital asset pricing model, a decline in the expected market return will have the greatest impact on the expected return of:

选项：

A.

Security 1.

B.

Security 2.

C.

Security 3.

解释：

C  is correct.

Security 3 has the highest beta; thus, regardless of the risk-free rate the expected return of Security 3 will be most sensitive to a change in the expected market return.