We extend the ex-ante mean-variance (SVIX) asset pricing models of Martin (2017) and Martin-Wagner (2019) to a mean-variance-asymmetry (AVIX) framework by incorporating higher-moment and co-moment risk in asset pricing. Our proposed AVIX model is risk-neutral with left-tail asymmetries in returns to correct the SVIX approach's downside bias. We derive an option implied market beta of a stock as the weighted average of the betas of SVIX and AVIX. Empirically, the implied beta has significant predictability of risk/return relationship We develop an investible portfolio (MKT*) that mimics realized outcomes on the implied market index adjusted for volatility asymmetry.