It has been found that high Beta stocks do much better than main indices during the bull run. High beta stocks means the stocks showing greater volatility vis-a-vis main indices. i. e. they rise more (in % terms) than that of main indices & fall faster than main indices. I. e. Stocks showing greater momentum compared to main indices (in its direction), are called High Beta stocks. So High Beta stocks give more returns in the bull market. However, in bear market, they tend to fall with a greater degree than main indices.
On the contrary, Low Beta stocks, underperform the main indices in the bull market & show resilience in bear market.
So now we can infer that High Beta stocks are better bet than Low Beta stocks when the markets are rising. And its reverse when the markets are falling.
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