DOCS vs NWSA: Correlation
How closely do Doximity, Inc. (DOCS) and News Corp (Class A) (NWSA) trade together? Their weekly returns over three years give a correlation of 0.49, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOCS and NWSA?
Over the past 3 years, DOCS and NWSA moved with a correlation of 0.49, which is moderate. The relationship has been stable: the 1-year correlation (0.55) sits close to the 3-year figure. Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 692.8 %².
By 3-year correlation, NWSA places #6 of the 15 assets tracked against DOCS. Correlation aside, the last 12 months split them widely, with NWSA ahead by 68.4 points (-62.4% versus +6.0%). One caveat on sizing: DOCS is 2.6 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 NWSA: side by side
| DOCS (Doximity, Inc.) | NWSA (News Corp (Class A)) | |
|---|---|---|
| 1-year return | -62.4% | +6.0% |
| 5-year return | -69.1% | +45.9% |
| Volatility (ann.) | 59.8% | 23.4% |
| Beta vs S&P 500 | 1.53 | 0.76 |
| Max drawdown (3Y) | -78.3% | -27.8% |
| Market cap | $4.6B | $16.8B |
| P/E (trailing) | 29.4 | 30.0 |
| Dividend yield | 0.00% | 0.65% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | DOCS | NWSA |
|---|---|---|
| 2022 | -33.1% | -17.6% |
| 2023 | -16.4% | +36.4% |
| 2024 | +90.4% | +13.0% |
| 2025 | -17.1% | -4.5% |
| 2026 | -42.2% | +19.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOCS and NWSA good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DOCS and NWSA?
As of 2026-08-27, the correlation of weekly returns between DOCS and NWSA is 0.49 over 3 years, 0.55 over 1 year and 0.41 over 5 years.
Is NWSA a good diversifier for DOCS?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 mean?
On the −1 to +1 scale, 0.49 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: DOCS correlations · NWSA correlations
