NWS vs VXZ: Correlation
Measured on weekly returns over the past three years, News Corp (Class B) (NWS) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.39, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWS and VXZ?
Over the past 3 years, NWS and VXZ moved with a correlation of -0.39, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.15) than the 3-year average (-0.39). Over 5 years the correlation is -0.44, and the annualized covariance of weekly returns is -242.8 %².
Out of 37 assets tracked against NWS, VXZ lands near the bottom at #36. The last year tells two different stories: NWS led by 20.4 percentage points, +4.3% for NWS against -16.1% for VXZ.
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 VXZ: side by side
| NWS (News Corp (Class B)) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +4.3% | -16.1% |
| 5-year return | +67.8% | -53.1% |
| Volatility (ann.) | 24.5% | 25.6% |
| Beta vs S&P 500 | 0.77 | -1.31 |
| Max drawdown (3Y) | -26.8% | -36.4% |
| Market cap | $19.0B | – |
| P/E (trailing) | 34.3 | – |
| Dividend yield | 0.57% | – |
| Sector / category | Communication Services | US Listed |
Year-by-year returns
| Year | NWS | VXZ |
|---|---|---|
| 2022 | -17.2% | +0.5% |
| 2023 | +41.0% | -44.0% |
| 2024 | +19.2% | -12.7% |
| 2025 | -2.0% | +5.7% |
| 2026 | +19.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWS and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
FAQ
What is the correlation between NWS and VXZ?
As of 2026-08-27, the correlation of weekly returns between NWS and VXZ is -0.39 over 3 years, -0.15 over 1 year and -0.44 over 5 years.
Is VXZ a good diversifier for NWS?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
What does a correlation of -0.39 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nws-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nws-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NWS correlations · VXZ correlations
