FWONA vs FWONK: Correlation
Liberty Media Corporation - Series A Liberty Formula One (FWONA) and Liberty Media Corporation - Series C Liberty Formula One (FWONK) show a very strong relationship: their 3-year correlation of weekly returns is 0.98.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWONA and FWONK?
Across a 3-year window, the weekly returns of FWONA and FWONK correlate at 0.98, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.98 lands near the 3-year figure. Stretching to 5 years gives 0.98, with an annualized covariance of 618.0 %².
FWONK is one of the assets that tracks FWONA most closely: it ranks #1 out of the 10 assets we track against FWONA. Their 12-month results are close: +4.7% for FWONA against +2.3% for FWONK.
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.
FWONA vs FWONK: side by side
| FWONA (Liberty Media Corporation - Series A Liberty Formula One) | FWONK (Liberty Media Corporation - Series C Liberty Formula One) | |
|---|---|---|
| 1-year return | +4.7% | +2.3% |
| 5-year return | +116.6% | +110.9% |
| Volatility (ann.) | 25.1% | 25.2% |
| Beta vs S&P 500 | 0.58 | 0.54 |
| Max drawdown (3Y) | -25.7% | -24.8% |
| Market cap | $23.6B | $25.6B |
| P/E (trailing) | 117.6 | 127.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FWONA | FWONK |
|---|---|---|
| 2022 | -10.0% | -5.5% |
| 2023 | +13.3% | +9.2% |
| 2024 | +44.9% | +46.8% |
| 2025 | +6.4% | +6.3% |
| 2026 | +5.3% | +3.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWONA and FWONK good diversifiers for each other?
Not really. At 0.98, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between FWONA and FWONK?
Using weekly returns as of 2026-08-27: 0.98 over 3 years, with 0.98 over the last year and 0.98 over 5 years.
Is FWONK a good diversifier for FWONA?
Not really. At 0.98, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.98 mean?
On the −1 to +1 scale, 0.98 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/fwona-vs-fwonk.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fwona-vs-fwonk/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FWONA correlations · FWONK correlations
