NWS vs NWSA: Correlation
How closely do News Corp (Class B) (NWS) and News Corp (Class A) (NWSA) trade together? Their weekly returns over three years give a correlation of 0.97, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWS and NWSA?
Over the past 3 years, NWS and NWSA moved with a correlation of 0.97, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.97) sits close to the 3-year figure. Over 5 years the correlation is 0.98, and the annualized covariance of weekly returns is 555.6 %².
Few assets follow NWS as closely as NWSA, which ranks #1 of 37 tracked partners. Their 12-month results are close: +4.3% for NWS against +6.0% for NWSA. The rolling one-year correlation stayed in a tight band between 0.94 and 1.00 over the past three years, which points to a structural rather than episodic relationship.
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.
NWS vs NWSA: side by side
| NWS (News Corp (Class B)) | NWSA (News Corp (Class A)) | |
|---|---|---|
| 1-year return | +4.3% | +6.0% |
| 5-year return | +67.8% | +45.9% |
| Volatility (ann.) | 24.5% | 23.4% |
| Beta vs S&P 500 | 0.77 | 0.76 |
| Max drawdown (3Y) | -26.8% | -27.8% |
| Market cap | $19.0B | $16.8B |
| P/E (trailing) | 34.3 | 30.0 |
| Dividend yield | 0.57% | 0.65% |
| Sector / category | Communication Services | Communication Services |
Year-by-year returns
| Year | NWS | NWSA |
|---|---|---|
| 2022 | -17.2% | -17.6% |
| 2023 | +41.0% | +36.4% |
| 2024 | +19.2% | +13.0% |
| 2025 | -2.0% | -4.5% |
| 2026 | +19.6% | +19.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWS and NWSA good diversifiers for each other?
No. With a correlation of 0.97, NWS and NWSA move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between NWS and NWSA?
The NWS/NWSA correlation stands at 0.97 on a 3-year window (1 year: 0.97, 5 years: 0.98), computed from weekly returns as of 2026-08-27.
Is NWSA a good diversifier for NWS?
No. With a correlation of 0.97, NWS and NWSA move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.97 mean?
A reading of 0.97 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: NWS correlations · NWSA correlations
