Which of the following does NOT describe beta?

Question $15$ options:

a$)$

The slope of the best fit line when the return on an asset is regressed against the return on the market

b$)$

A measure of the sensitivity of the return on an asset to the return on an index

c$)$

Measures correlation between futures prices and spot prices for a commodity

d$)$

The hedge ratio necessary to remove market risk from a portfolio