在最小方差条件下，代表期望资产收益率，其市场贝塔值为零，这意味着资产收益率与市场收益率不相关。等式的第二项表示风险溢价。在这里，贝塔系数衡量了资产回报率与市场回报的变化有多敏感。Sharpe和Lintner关注了三个重要的影响。它们是:1)截距为零;2)Beta可以完全捕获预期访问资产回报的横截面变化;3)市场风险溢价为正。Sharpe和Lintner在他们的CAPM模型中假设风险资产的回报与市场回报是不相关的。在他们的模型中，当资产回报的协方差抵消了其他资产回报的方差时，贝塔系数变为零。当借款和借贷是无风险的，当资产回报与市场回报不相关时，资产收益率等于无风险利率。在sharpe - lintner模型中，资产收益率与贝塔值之间的关系由以下方程表示。
In the minimum variance condition stands for the expected asset return whose market beta is zero which implies that the asset return is not correlated with the market return. The second term of the equation represents the risk premium. Here the beta measures how sensitive the asset return is with the variation in the market return. Sharpe and Lintner focused on three important implications. They are: 1)the intercept is zero; 2) Beta can completely capture the cross sectional variation of expected access asset return; and, 3)The market risk premium is positive. Sharpe and Lintner in their CAPM model assumed that the pay off from a risky asset is uncorrelated with the market return. In their model the beta becomes zero when the the covariance of a asset return offsets the variance of the other assets’ returns. When the borrowing and lending is risk free and when the asset return is not correlated with the market return then the asset return equals the risk free rate. In the Sharpe-Lintner model the relationship between the asset return and the beta is represented by the following equation.