NWS vs SPRB: Correlation
News Corp (Class B) (NWS) and Spruce Biosciences, Inc. (SPRB) show a negative relationship: their 3-year correlation of weekly returns is -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWS and SPRB?
Over the past 3 years, NWS and SPRB moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.32) runs below the 3-year figure (-0.20). Over 5 years the correlation is -0.13, and the annualized covariance of weekly returns is -5427.6 %².
Among the 37 assets we track against NWS, SPRB ranks #31 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPRB outperformed by 742.0 percentage points (+4.3% for NWS against +746.3% for SPRB). Note the risk asymmetry: SPRB runs 44.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 SPRB: side by side
| NWS (News Corp (Class B)) | SPRB (Spruce Biosciences, Inc.) | |
|---|---|---|
| 1-year return | +4.3% | +746.3% |
| 5-year return | +67.8% | -99.8% |
| Volatility (ann.) | 24.5% | 1086.4% |
| Beta vs S&P 500 | 0.77 | -7.82 |
| Max drawdown (3Y) | -26.8% | -100.0% |
| Market cap | $19.0B | $0.2B |
| P/E (trailing) | 34.3 | – |
| Dividend yield | 0.57% | 0.00% |
| Sector / category | Communication Services | US Listed |
Year-by-year returns
| Year | NWS | SPRB |
|---|---|---|
| 2022 | -17.2% | -75.4% |
| 2023 | +41.0% | +167.1% |
| 2024 | +19.2% | -85.7% |
| 2025 | -2.0% | -96.3% |
| 2026 | +19.6% | -27.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWS and SPRB good diversifiers for each other?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NWS and SPRB?
The NWS/SPRB correlation stands at -0.20 on a 3-year window (1 year: -0.32, 5 years: -0.13), computed from weekly returns as of 2026-08-27.
Is SPRB a good diversifier for NWS?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.20 mean?
A reading of -0.20 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-sprb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nws-vs-sprb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NWS correlations · SPRB correlations
