NWS vs SPGI: Correlation
Measured on weekly returns over the past three years, News Corp (Class B) (NWS) and S&P Global (SPGI) carry a correlation of 0.51, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWS and SPGI?
Across a 3-year window, the weekly returns of NWS and SPGI correlate at 0.51, moderate. The relationship has been stable: the 1-year correlation (0.55) sits close to the 3-year figure. Stretching to 5 years gives 0.48, with an annualized covariance of 306.6 %².
Within NWS's tracked universe of 37 assets, SPGI comes in at #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NWS ahead by 19.9 points (+4.3% versus -15.6%). Across three years, the rolling one-year figure varied moderately, from 0.19 to 0.65.
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 SPGI: side by side
| NWS (News Corp (Class B)) | SPGI (S&P Global) | |
|---|---|---|
| 1-year return | +4.3% | -15.6% |
| 5-year return | +67.8% | +8.1% |
| Volatility (ann.) | 24.5% | 24.7% |
| Beta vs S&P 500 | 0.77 | 0.86 |
| Max drawdown (3Y) | -26.8% | -30.5% |
| Market cap | $19.0B | $128.4B |
| P/E (trailing) | 34.3 | 26.6 |
| Dividend yield | 0.57% | 0.88% |
| Sector / category | Communication Services | Financials |
Year-by-year returns
| Year | NWS | SPGI |
|---|---|---|
| 2022 | -17.2% | -28.4% |
| 2023 | +41.0% | +32.8% |
| 2024 | +19.2% | +13.9% |
| 2025 | -2.0% | +5.7% |
| 2026 | +19.6% | -11.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWS and SPGI good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NWS and SPGI?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.55 over the last year and 0.48 over 5 years.
Is SPGI a good diversifier for NWS?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 mean?
A reading of 0.51 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 · SPGI correlations
