FOX vs NWSA: Correlation
How closely do Fox Corporation (Class B) (FOX) and News Corp (Class A) (NWSA) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FOX and NWSA?
Over the past 3 years, FOX and NWSA moved with a correlation of 0.48, which is moderate. The relationship has been stable: the 1-year correlation (0.52) sits close to the 3-year figure. Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 322.7 %².
Among the 32 assets we track against FOX, NWSA ranks #10 by 3-year correlation. The trailing year gives FOX the advantage: +12.2% versus +6.0%, a 6.2-point spread. The rolling one-year correlation moved between 0.19 and 0.60 over the past three years, a moderate range.
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.
FOX vs NWSA: side by side
| FOX (Fox Corporation (Class B)) | NWSA (News Corp (Class A)) | |
|---|---|---|
| 1-year return | +12.2% | +6.0% |
| 5-year return | +88.7% | +45.9% |
| Volatility (ann.) | 28.5% | 23.4% |
| Beta vs S&P 500 | 0.58 | 0.76 |
| Max drawdown (3Y) | -34.1% | -27.8% |
| Market cap | $25.4B | $16.8B |
| P/E (trailing) | 16.2 | 30.0 |
| Dividend yield | 0.90% | 0.65% |
| Sector / category | Communication Services | Communication Services |
Year-by-year returns
| Year | FOX | NWSA |
|---|---|---|
| 2022 | -15.8% | -17.6% |
| 2023 | -1.2% | +36.4% |
| 2024 | +68.3% | +13.0% |
| 2025 | +43.4% | -4.5% |
| 2026 | -6.5% | +19.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FOX and NWSA good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FOX and NWSA?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.52 over the last year and 0.50 over 5 years.
Is NWSA a good diversifier for FOX?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 mean?
On the −1 to +1 scale, 0.48 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: FOX correlations · NWSA correlations
