Which of the following statements is correct? Sometimes the past data used to calculate beta do not reflect the likely risk of the firm for the future because conditions have changed. The beta of a portfolio of stocks is always smaller than the betas of any of the individual stocks. The beta of a portfolio of stocks is always larger than the betas of any of the individual stocks. If you found a stock with a zero historical beta and held it as the only stock in your portfolio, you would by definition have a riskless portfolio.