NWS vs SPY: Correlation
News Corp (Class B) (NWS) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWS and SPY?
On 3 years of weekly data the NWS/SPY correlation comes out at 0.46, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.22 versus 0.46 over 3 years. The 5-year figure is 0.51, and annualized covariance runs at 161.5 %².
Within NWS's tracked universe of 37 assets, SPY comes in at #19 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 16.3 points (+4.3% versus +20.6%). On a rolling one-year basis the correlation drifted between 0.22 and 0.70, a moderate band. One caveat on sizing: NWS is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 SPY: side by side
| NWS (News Corp (Class B)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +4.3% | +20.6% |
| 5-year return | +67.8% | +82.4% |
| Volatility (ann.) | 24.5% | 14.5% |
| Beta vs S&P 500 | 0.77 | 1.00 |
| Max drawdown (3Y) | -26.8% | -18.8% |
| Market cap | $19.0B | – |
| P/E (trailing) | 34.3 | – |
| Dividend yield | 0.57% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Communication Services | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | NWS | SPY |
|---|---|---|
| 2022 | -17.2% | -18.2% |
| 2023 | +41.0% | +26.2% |
| 2024 | +19.2% | +24.9% |
| 2025 | -2.0% | +17.7% |
| 2026 | +19.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWS and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NWS and SPY?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.22 over the last year and 0.51 over 5 years.
Is SPY a good diversifier for NWS?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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/nws-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nws-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NWS correlations · SPY correlations
