FOX vs XLC: Correlation
How closely do Fox Corporation (Class B) (FOX) and Communication Services Select Sector SPDR Fund (XLC) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FOX and XLC?
Over the past 3 years, FOX and XLC moved with a correlation of 0.45, which is moderate. The relationship has been stable: the 1-year correlation (0.40) sits close to the 3-year figure. Over 5 years the correlation is 0.42, and the annualized covariance of weekly returns is 204.6 %².
Among the 32 assets we track against FOX, XLC ranks #15 by 3-year correlation. Over the last 12 months FOX came out ahead by 10.7 percentage points (+12.2% against +1.5%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.11 and 0.63 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: FOX runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 XLC: side by side
| FOX (Fox Corporation (Class B)) | XLC (Communication Services Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +12.2% | +1.5% |
| 5-year return | +88.7% | +37.5% |
| Volatility (ann.) | 28.5% | 16.0% |
| Beta vs S&P 500 | 0.58 | 0.90 |
| Max drawdown (3Y) | -34.1% | -18.0% |
| Market cap | $25.4B | – |
| P/E (trailing) | 16.2 | – |
| Dividend yield | 0.90% | 1.32% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $21.7B |
| Sector / category | Communication Services | Sector ETF |
On the fund side, XLC sits in the Communications category at State Street Investment Management, with $21.7B under management, 24 holdings, a 0.08% expense ratio, a 1.32% trailing dividend yield.
Year-by-year returns
| Year | FOX | XLC |
|---|---|---|
| 2022 | -15.8% | -37.6% |
| 2023 | -1.2% | +52.8% |
| 2024 | +68.3% | +34.7% |
| 2025 | +43.4% | +23.1% |
| 2026 | -6.5% | -4.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that XLC holds FOX at a 1.56% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are FOX and XLC good diversifiers for each other?
Reasonably. At 0.45, FOX and XLC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FOX and XLC?
As of 2026-08-27, the correlation of weekly returns between FOX and XLC is 0.45 over 3 years, 0.40 over 1 year and 0.42 over 5 years.
Is XLC a good diversifier for FOX?
Reasonably. At 0.45, FOX and XLC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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/fox-vs-xlc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fox-vs-xlc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FOX correlations · XLC correlations
