No... It's terrifying that your comments have upvotes.

The CAPM can tell you what the rate of return should be in order for you to be compensated for the risk you take at a specific price point. But the beta on its own has nothing to do with that.

The beta is separate from the CAPM. It approximates (key word) the correlation of an investment's movement/volatility in relation to the market's. In this case, ARKK is highly positively correlated with the market's movement, at a higher magnitude. In your original post, you write something to the tune of ARKK's returns not being correlated with the market, which doesn't square with its actual beta of 1.59-1.65.

And while we are going back to your original response, risk and return ARE positively correlated--the person you were responding to is correct.