ED vs NWS: Correlation
How closely do Consolidated Edison (ED) and News Corp (Class B) (NWS) trade together? Their weekly returns over three years give a correlation of -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ED and NWS?
Across a 3-year window, the weekly returns of ED and NWS correlate at -0.20, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.26) sits close to the 3-year figure. Stretching to 5 years gives -0.01, with an annualized covariance of -79.8 %².
Within ED's tracked universe of 105 assets, NWS comes in at #47 by 3-year correlation. On 12-month performance ED holds a 5.9-point edge, +10.2% against +4.3%. On a rolling one-year basis the correlation drifted between -0.31 and 0.13, a moderate band.
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.
ED vs NWS: side by side
| ED (Consolidated Edison) | NWS (News Corp (Class B)) | |
|---|---|---|
| 1-year return | +10.2% | +4.3% |
| 5-year return | +67.5% | +67.8% |
| Volatility (ann.) | 16.5% | 24.5% |
| Beta vs S&P 500 | -0.21 | 0.77 |
| Max drawdown (3Y) | -17.4% | -26.8% |
| Market cap | $39.5B | $19.0B |
| P/E (trailing) | 17.5 | 34.3 |
| Dividend yield | 3.22% | 0.57% |
| Sector / category | Utilities | Communication Services |
Year-by-year returns
| Year | ED | NWS |
|---|---|---|
| 2022 | +15.7% | -17.2% |
| 2023 | -1.1% | +41.0% |
| 2024 | +1.5% | +19.2% |
| 2025 | +15.1% | -2.0% |
| 2026 | +10.1% | +19.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ED and NWS good diversifiers for each other?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ED and NWS?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with -0.26 over the last year and -0.01 over 5 years.
Is NWS a good diversifier for ED?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.20 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/ed-vs-nws.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ed-vs-nws/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ED correlations · NWS correlations
