AXON vs NWS: Correlation
Axon Enterprise (AXON) and News Corp (Class B) (NWS) show a moderate relationship: their 3-year correlation of weekly returns is 0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXON and NWS?
On 3 years of weekly data the AXON/NWS correlation comes out at 0.49, moderate. The relationship has been stable: the 1-year correlation (0.41) sits close to the 3-year figure. The 5-year figure is 0.49, and annualized covariance runs at 689.1 %².
Among the 35 assets we track against AXON, NWS ranks #14 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NWS outperformed by 24.9 percentage points (-20.6% for AXON against +4.3% for NWS). The rolling one-year correlation moved between 0.26 and 0.73 over the past three years, a moderate range. Note the risk asymmetry: AXON runs 2.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AXON vs NWS: side by side
| AXON (Axon Enterprise) | NWS (News Corp (Class B)) | |
|---|---|---|
| 1-year return | -20.6% | +4.3% |
| 5-year return | +216.9% | +67.8% |
| Volatility (ann.) | 57.4% | 24.5% |
| Beta vs S&P 500 | 1.51 | 0.77 |
| Max drawdown (3Y) | -60.3% | -26.8% |
| Market cap | $49.7B | $19.0B |
| P/E (trailing) | 250.5 | 34.3 |
| Dividend yield | 0.00% | 0.57% |
| Sector / category | Industrials | Communication Services |
Year-by-year returns
| Year | AXON | NWS |
|---|---|---|
| 2022 | +5.7% | -17.2% |
| 2023 | +55.7% | +41.0% |
| 2024 | +130.1% | +19.2% |
| 2025 | -4.4% | -2.0% |
| 2026 | +7.6% | +19.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXON and NWS good diversifiers for each other?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AXON and NWS?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.41 over the last year and 0.49 over 5 years.
Is NWS a good diversifier for AXON?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.49 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/axon-vs-nws.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: AXON correlations · NWS correlations
