GTN vs NXST: Correlation
How closely do Gray Media, Inc. (GTN) and Nexstar Media Group, Inc. (NXST) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GTN and NXST?
Across a 3-year window, the weekly returns of GTN and NXST correlate at 0.60, strong. The link has loosened recently: the 1-year correlation (0.40) runs below the 3-year figure (0.60). Stretching to 5 years gives 0.64, with an annualized covariance of 1359.3 %².
Few assets follow GTN as closely as NXST, which ranks #3 of 14 tracked partners. On 12-month performance NXST holds a 8.5-point edge, -18.0% against -9.5%. Risk is not evenly split, since GTN carries 2.1 times the volatility of the other side.
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.
GTN vs NXST: side by side
| GTN (Gray Media, Inc.) | NXST (Nexstar Media Group, Inc.) | |
|---|---|---|
| 1-year return | -18.0% | -9.5% |
| 5-year return | -73.2% | +43.6% |
| Volatility (ann.) | 68.6% | 33.2% |
| Beta vs S&P 500 | 0.76 | 0.63 |
| Max drawdown (3Y) | -68.1% | -38.4% |
| Market cap | $0.5B | $5.5B |
| P/E (trailing) | – | 35.1 |
| Dividend yield | 6.50% | 4.01% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GTN | NXST |
|---|---|---|
| 2022 | -43.4% | +18.4% |
| 2023 | -16.7% | -7.5% |
| 2024 | -62.4% | +5.0% |
| 2025 | +64.6% | +34.0% |
| 2026 | +2.7% | -9.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GTN and NXST good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GTN and NXST?
As of 2026-08-27, the correlation of weekly returns between GTN and NXST is 0.60 over 3 years, 0.40 over 1 year and 0.64 over 5 years.
Is NXST a good diversifier for GTN?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 mean?
On the −1 to +1 scale, 0.60 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/gtn-vs-nxst.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gtn-vs-nxst/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GTN correlations · NXST correlations
