NWS vs PEP: Correlation
How closely do News Corp (Class B) (NWS) and PepsiCo (PEP) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWS and PEP?
Across a 3-year window, the weekly returns of NWS and PEP correlate at -0.24, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.45 versus -0.24 over 3 years. Stretching to 5 years gives -0.07, with an annualized covariance of -113.1 %².
PEP is close to the least connected end of NWS's tracked universe, ranking #34 of 37. Over the last 12 months NWS came out ahead by 5.9 percentage points (+4.3% against -1.6%). This link changes with the market regime, having swung between -0.50 and 0.21 on a rolling one-year basis.
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 PEP: side by side
| NWS (News Corp (Class B)) | PEP (PepsiCo) | |
|---|---|---|
| 1-year return | +4.3% | -1.6% |
| 5-year return | +67.8% | +4.9% |
| Volatility (ann.) | 24.5% | 19.1% |
| Beta vs S&P 500 | 0.77 | 0.13 |
| Max drawdown (3Y) | -26.8% | -27.5% |
| Market cap | $19.0B | $190.9B |
| P/E (trailing) | 34.3 | 18.6 |
| Dividend yield | 0.57% | 4.04% |
| Sector / category | Communication Services | Consumer Staples |
Year-by-year returns
| Year | NWS | PEP |
|---|---|---|
| 2022 | -17.2% | +6.8% |
| 2023 | +41.0% | -3.3% |
| 2024 | +19.2% | -7.6% |
| 2025 | -2.0% | -1.8% |
| 2026 | +19.6% | -0.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWS and PEP good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NWS and PEP?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.45 over the last year and -0.07 over 5 years.
Is PEP a good diversifier for NWS?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
A reading of -0.24 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/nws-vs-pep.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nws-vs-pep/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NWS correlations · PEP correlations
