NWSA vs PEP: Correlation
How closely do News Corp (Class A) (NWSA) and PepsiCo (PEP) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWSA and PEP?
Over the past 3 years, NWSA and PEP moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.45) than the 3-year average (-0.22). Over 5 years the correlation is -0.04, and the annualized covariance of weekly returns is -98.3 %².
Within NWSA's tracked universe of 42 assets, PEP comes in at #37 by 3-year correlation. The trailing year gives NWSA the advantage: +6.0% versus -1.6%, a 7.6-point spread. The relationship is regime-dependent: the rolling one-year correlation swung between -0.49 and 0.22 over the past three years, so this pair behaves very differently depending on the market environment.
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.
NWSA vs PEP: side by side
| NWSA (News Corp (Class A)) | PEP (PepsiCo) | |
|---|---|---|
| 1-year return | +6.0% | -1.6% |
| 5-year return | +45.9% | +4.9% |
| Volatility (ann.) | 23.4% | 19.1% |
| Beta vs S&P 500 | 0.76 | 0.13 |
| Max drawdown (3Y) | -27.8% | -27.5% |
| Market cap | $16.8B | $190.9B |
| P/E (trailing) | 30.0 | 18.6 |
| Dividend yield | 0.65% | 4.04% |
| Sector / category | Communication Services | Consumer Staples |
Year-by-year returns
| Year | NWSA | PEP |
|---|---|---|
| 2022 | -17.6% | +6.8% |
| 2023 | +36.4% | -3.3% |
| 2024 | +13.0% | -7.6% |
| 2025 | -4.5% | -1.8% |
| 2026 | +19.9% | -0.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWSA and PEP good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between NWSA and PEP?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.45 over the last year and -0.04 over 5 years.
Is PEP a good diversifier for NWSA?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 mean?
A reading of -0.22 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/nwsa-vs-pep.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nwsa-vs-pep/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NWSA correlations · PEP correlations
