- The emerging and developing of ASEAN market is unlikely expected regarding the unparalleled economic performance and current condition. It is imperative that investor comprehend the capital market in terms of financial status of time value and risk expectancy. The assumption here is to interpret the following of 5 ASEAN members in contrast of 5 states in U.S, in terms of Capital and financial market condition of risk and return expectancy. There will be two model involve regarding the process of theoretical approval, first is the Capital Asset Price Model, it is a model of tool that is specifically design to estimate the compensation of the time value and risk return for investor security. And time beta varying its also tool that is design to identify the risk factor that is escalating the scale of risk in terms of development and improvement according to the economic performance. Accentually, the report analysis is to generalize an illustration of how CAMP and time beta varying function differently and what are some of common similarity that it shares.