Which of the following statements is FALSE?

A. Volatility measures total risk, while beta measures only systematic risk

B. Beta measures the sensitivity of a security to market wide risk factors.

C. Utilities tend to be stable and highly regulated, and thus are insensitive to fluctuations in the overall market.

D.The beta is the expected percentage change in the excess return of the market portfolio for a 1% change in the excess return of a security.