indices, such as the S&P 500. An asset has a Beta of zero if its returns change independently of changes in the market's returns. A positive beta means that the asset's returns generally follow the market's returns, in the sense that they both tend to be above their respective averages together, or both tend to be below their respective averages together. A negative beta means that the asset's returns generally move opposite the market's returns: one will tend to be above its average when the other is below its average. Fugit The fugit is the expected time to exercise an American or Bermudan option. Fugit is usefully computed for hedging purposes — for example, one can represent flows of an American swaption like the flows of a swap starting at the fugit multiplied by delta, and then use these to compute other sensitivities. See also Alpha (finance) Beta (finance) Delta neutral Financial risk management Greek letters used in mathematics, science, and engineering Vanna–Volga pricing References External links Theory Delta, Gamma, GammaP, Gamma symmetry, Vanna, Speed, Charm, Saddle Gamma: Vanilla Options - Espen Haug, Volga, Vanna, Speed, Charm, Color: Vanilla Options - Uwe Wystup, Vanilla Options - Uwe Wystup Step-by-step mathematical derivations of option Greeks Derivation of European Vanilla Call Price Derivation of European Vanilla Call Delta Derivation of European Vanilla Call Gamma Derivation of European Vanilla Call Speed Derivation of European Vanilla Call Vega Derivation of European Vanilla Call Volga Derivation of European Vanilla Call Vanna as Derivative of Vega with respect to underlying Derivation of European Vanilla Call Vanna as Derivative of Delta with respect to volatility Derivation of European Vanilla Call Theta Derivation of European Vanilla Call Rho Derivation of European Vanilla Put Price Derivation of European Vanilla Put Delta Derivation of European Vanilla Put Gamma Derivation of European Vanilla Put Speed Derivation of European Vanilla Put Vega Derivation of European Vanilla Put Volga Derivation of European Vanilla Put Vanna as Derivative of Vega with respect to underlying Derivation of European Vanilla Put Vanna as Derivative of Delta with respect to volatility Derivation of European Vanilla Put Theta Derivation of European Vanilla Put Rho Online tools Surface Plots of Black-Scholes Greeks, Chris Murray Online real-time option prices and Greeks calculator when the underlying is normally distributed, Razvan Pascalau, Univ. of Alabama greeks: Sensitivities of Prices of Financial Options, R package to compute Greeks for European-, American- and Asian