Beta2 is a measure of the systematic risk of a security, much like the Beta Coefficient. The difference between Beta and Beta2 being that instead of using the Simple Rate of Change, Beta2 uses the Moving Average of the Rate of Change in its calculation.

Remember, with either form of Beta, securities with a value >1.0 will be more volitile than the market. A Beta <1.0 is said to be less volatile than the market.