A combination drill bit for use in both hand held drills and stationary drill presses has a shanking end, a working end and a helical flute portion between the shanking and working ends. The helical portion has a helix length (L) of L = ( D × π tan ⁢ ⁢ α ) . The drill bit has a core that is tapered from the working end to the shanking end. A web thickness length at the working end is 10% to 35% of the diameter and the thickness length at the junction of the shanking end is 70% to 90% of the diameter. The drill bit is manufactured from a high speed steel including at least 5% by weight of cobalt.