HSY vs NWSA: Correlation
Hershey Company (The) (HSY) and News Corp (Class A) (NWSA) show a negative relationship: their 3-year correlation of weekly returns is -0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HSY and NWSA?
Across a 3-year window, the weekly returns of HSY and NWSA correlate at -0.19, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.47) than the 3-year average (-0.19). Stretching to 5 years gives -0.10, with an annualized covariance of -113.0 %².
By 3-year correlation, NWSA places #20 of the 30 assets tracked against HSY. Neither side won the trailing year by much: +2.8% against +6.0%. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.48 to 0.11.
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 NWSA: side by side
| HSY (Hershey Company (The)) | NWSA (News Corp (Class A)) | |
|---|---|---|
| 1-year return | +2.8% | +6.0% |
| 5-year return | +16.5% | +45.9% |
| Volatility (ann.) | 25.6% | 23.4% |
| Beta vs S&P 500 | 0.03 | 0.76 |
| Max drawdown (3Y) | -31.2% | -27.8% |
| Market cap | $36.4B | $16.8B |
| P/E (trailing) | 25.3 | 30.0 |
| Dividend yield | 3.05% | 0.65% |
| Sector / category | Consumer Staples | Communication Services |
Year-by-year returns
| Year | HSY | NWSA |
|---|---|---|
| 2022 | +21.9% | -17.6% |
| 2023 | -17.9% | +36.4% |
| 2024 | -6.5% | +13.0% |
| 2025 | +11.0% | -4.5% |
| 2026 | +1.9% | +19.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HSY and NWSA good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HSY and NWSA?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with -0.47 over the last year and -0.10 over 5 years.
Is NWSA a good diversifier for HSY?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 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/hsy-vs-nwsa.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hsy-vs-nwsa/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HSY correlations · NWSA correlations
