It may very well be that they have the same beta even though Lions Gate is traditionally an individually more volatile stock.

As a film studio, Lions Gate’s is likely more driven by company specific risks, such as the success of its releases, which is completely unrelated to the market as a whole, and not captured by beta.

By comparison, Boeing’s performance is likely to be correlated more heavily with the overall economic drivers.

That said, investor expectations for Lions Gate’s share price may also respond to market-related factors such as consumer spending, which increases its correlation.