DOCS vs NWS: Correlation
Measured on weekly returns over the past three years, Doximity, Inc. (DOCS) and News Corp (Class B) (NWS) carry a correlation of 0.54, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOCS and NWS?
On 3 years of weekly data the DOCS/NWS correlation comes out at 0.54, moderate. Little has changed lately, as the 1-year reading of 0.57 lands near the 3-year figure. The 5-year figure is 0.42, and annualized covariance runs at 798.2 %².
NWS is one of the assets that tracks DOCS most closely: it ranks #2 out of the 15 assets we track against DOCS. The last year tells two different stories: NWS led by 66.7 percentage points, -62.4% for DOCS against +4.3% for NWS. One caveat on sizing: DOCS is 2.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
DOCS vs NWS: side by side
| DOCS (Doximity, Inc.) | NWS (News Corp (Class B)) | |
|---|---|---|
| 1-year return | -62.4% | +4.3% |
| 5-year return | -69.1% | +67.8% |
| Volatility (ann.) | 59.8% | 24.5% |
| Beta vs S&P 500 | 1.53 | 0.77 |
| Max drawdown (3Y) | -78.3% | -26.8% |
| Market cap | $4.6B | $19.0B |
| P/E (trailing) | 29.4 | 34.3 |
| Dividend yield | 0.00% | 0.57% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | DOCS | NWS |
|---|---|---|
| 2022 | -33.1% | -17.2% |
| 2023 | -16.4% | +41.0% |
| 2024 | +90.4% | +19.2% |
| 2025 | -17.1% | -2.0% |
| 2026 | -42.2% | +19.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOCS and NWS good diversifiers for each other?
To a limited degree. At 0.54 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between DOCS and NWS?
The DOCS/NWS correlation stands at 0.54 on a 3-year window (1 year: 0.57, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is NWS a good diversifier for DOCS?
To a limited degree. At 0.54 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.54 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/docs-vs-nws.json
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Related comparisons
Hubs: DOCS correlations · NWS correlations
