HSY vs NWS: Correlation
How closely do Hershey Company (The) (HSY) and News Corp (Class B) (NWS) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HSY and NWS?
On 3 years of weekly data the HSY/NWS correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.49) than the 3-year average (-0.23). The 5-year figure is -0.12, and annualized covariance runs at -143.5 %².
NWS is close to the least connected end of HSY's tracked universe, ranking #26 of 30. Neither side won the trailing year by much: +2.8% against +4.3%. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.53 to 0.08.
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.
HSY vs NWS: side by side
| HSY (Hershey Company (The)) | NWS (News Corp (Class B)) | |
|---|---|---|
| 1-year return | +2.8% | +4.3% |
| 5-year return | +16.5% | +67.8% |
| Volatility (ann.) | 25.6% | 24.5% |
| Beta vs S&P 500 | 0.03 | 0.77 |
| Max drawdown (3Y) | -31.2% | -26.8% |
| Market cap | $36.4B | $19.0B |
| P/E (trailing) | 25.3 | 34.3 |
| Dividend yield | 3.05% | 0.57% |
| Sector / category | Consumer Staples | Communication Services |
Year-by-year returns
| Year | HSY | NWS |
|---|---|---|
| 2022 | +21.9% | -17.2% |
| 2023 | -17.9% | +41.0% |
| 2024 | -6.5% | +19.2% |
| 2025 | +11.0% | -2.0% |
| 2026 | +1.9% | +19.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HSY and NWS good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HSY and NWS?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.49 over the last year and -0.12 over 5 years.
Is NWS a good diversifier for HSY?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
A reading of -0.23 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hsy-vs-nws.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hsy-vs-nws/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HSY correlations · NWS correlations
