Using multiplicative ergodic theory we prove two formulae describing the relationships between different joint spectral radii for sets of bounded linear operators acting on a Banach space. In particular we recover a formula previously proved by V. S. Shulman and Yu. V. Turovski\uı using operator-theoretic ideas. As a byproduct of our method we answer a question of J. E. Cohen on the limiting behaviour of the spectral radius of a measurable matrix cocycle.