ED vs NWSA: Correlation
Measured on weekly returns over the past three years, Consolidated Edison (ED) and News Corp (Class A) (NWSA) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ED and NWSA?
Across a 3-year window, the weekly returns of ED and NWSA correlate at -0.20, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.27 over 1 year against -0.20 over 3. Stretching to 5 years gives -0.01, with an annualized covariance of -75.4 %².
Within ED's tracked universe of 105 assets, NWSA comes in at #48 by 3-year correlation. Twelve-month performance is nearly a tie, at +10.2% for ED and +6.0% for NWSA. The relationship is regime-dependent: the rolling one-year correlation swung between -0.37 and 0.15 over the past three years, so this pair behaves very differently depending on the market environment.
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 NWSA: side by side
| ED (Consolidated Edison) | NWSA (News Corp (Class A)) | |
|---|---|---|
| 1-year return | +10.2% | +6.0% |
| 5-year return | +67.5% | +45.9% |
| Volatility (ann.) | 16.5% | 23.4% |
| Beta vs S&P 500 | -0.21 | 0.76 |
| Max drawdown (3Y) | -17.4% | -27.8% |
| Market cap | $39.5B | $16.8B |
| P/E (trailing) | 17.5 | 30.0 |
| Dividend yield | 3.22% | 0.65% |
| Sector / category | Utilities | Communication Services |
Year-by-year returns
| Year | ED | NWSA |
|---|---|---|
| 2022 | +15.7% | -17.6% |
| 2023 | -1.1% | +36.4% |
| 2024 | +1.5% | +13.0% |
| 2025 | +15.1% | -4.5% |
| 2026 | +10.1% | +19.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ED and NWSA 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 NWSA?
As of 2026-08-27, the correlation of weekly returns between ED and NWSA is -0.20 over 3 years, -0.27 over 1 year and -0.01 over 5 years.
Is NWSA 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?
On the −1 to +1 scale, -0.20 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ed-vs-nwsa.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ed-vs-nwsa/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ED correlations · NWSA correlations
