YBeta means of 1.2 means that if the market moves 1%, you expect this stock to move 1.2%. It's not strictly volatility, it's also correlation. You need both to have a high beta.
Yes, correlation is what I am really looking for. If the market is up will a higher beta stock be more likely to be up as well. Is guess that is true then?
Is there anything else that tracks correlation to th markets movement.