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Should Beta calculated from 3 years of data be significantly different if you use daily or monthly data?

I would think the data should be very similar, but GE's bata goes from .39 to .85, IBM's goes from 1.66 to .81.

Why is this happening? Is my beta formula wrong?
I used Beta = covar(stock,index)/varp(index)
with excel.

For 3 years of monthly data, I get the following Betas (they basically match what yahoo finance says, which is based on 3 years of monthly data):

KO0.51
DD1.21
XOM1.23
GE0.39
GM0.97
HPQ1.36
HD1.27
HON1.33
INTC1.59
IBM1.66
JNJ0.31
JPM0.87
MCD1.76
MRK1.04
MSFT1.24
PFE1.04
PG0.81
UTX0.68
VZ1.02
WMT0.22

For 3 years weekly data, I get the following betas:

KO0.67
DD1.03
XOM1.16
GE0.85
GM1.19
HPQ0.98
HD1.09
HON1.13
INTC1.31
IBM0.81
JNJ0.55
JPM1.14
MCD0.90
MRK0.81
MSFT0.89
PFE0.89
PG0.71
UTX0.98
VZ0.81
WMT0.81
DIS0.94


I think mathematically, you will arrive at a different beta value. There's no problem with your formula. Furthermore, using excel to do your computations practically narrows your margin of error to errors of formulation. Much as returns and standard deviations vary over different time frames, so would beta. Since beta factors in the variance and co-variances, using daily data imputes the day-to-day change and volatility in prices. Say Stock A closes at 5.00 this month over the prior month's 4.95. The variance would be small. However, if one uses daily or weekly data, and the Stock actually moved to a high of 7 and a low of 3 in between the month's comparative closes (cited above), then the variability would be large. Ergo, this will result in an altogether different beta value. That is why in using beta as an investment decision parameter, one should consider his/her holding period.

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