NWS vs XLC: Correlation
Measured on weekly returns over the past three years, News Corp (Class B) (NWS) and Communication Services Select Sector SPDR Fund (XLC) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWS and XLC?
Over the past 3 years, NWS and XLC moved with a correlation of 0.52, which is moderate. The relationship has been stable: the 1-year correlation (0.43) sits close to the 3-year figure. Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 204.8 %².
By 3-year correlation, XLC places #7 of the 37 assets tracked against NWS. Their 12-month results are close: +4.3% for NWS against +1.5% for XLC. On a rolling one-year basis the correlation drifted between 0.28 and 0.74, a moderate band. One caveat on sizing: NWS is 1.5 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 XLC: side by side
| NWS (News Corp (Class B)) | XLC (Communication Services Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +4.3% | +1.5% |
| 5-year return | +67.8% | +37.5% |
| Volatility (ann.) | 24.5% | 16.0% |
| Beta vs S&P 500 | 0.77 | 0.90 |
| Max drawdown (3Y) | -26.8% | -18.0% |
| Market cap | $19.0B | – |
| P/E (trailing) | 34.3 | – |
| Dividend yield | 0.57% | 1.32% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $21.7B |
| Sector / category | Communication Services | Sector ETF |
On the fund side, XLC sits in the Communications category at State Street Investment Management, with $21.7B under management, 24 holdings, a 0.08% expense ratio, a 1.32% trailing dividend yield.
Year-by-year returns
| Year | NWS | XLC |
|---|---|---|
| 2022 | -17.2% | -37.6% |
| 2023 | +41.0% | +52.8% |
| 2024 | +19.2% | +34.7% |
| 2025 | -2.0% | +23.1% |
| 2026 | +19.6% | -4.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.77% of XLC is NWS itself, so the fund partly moves with the stock by construction.
Are NWS and XLC good diversifiers for each other?
To a limited degree. At 0.52 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between NWS and XLC?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with 0.43 over the last year and 0.56 over 5 years.
Is XLC a good diversifier for NWS?
To a limited degree. At 0.52 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 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-xlc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nws-vs-xlc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NWS correlations · XLC correlations
