NWSA vs SPRB: Correlation
Measured on weekly returns over the past three years, News Corp (Class A) (NWSA) and Spruce Biosciences, Inc. (SPRB) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWSA and SPRB?
On 3 years of weekly data the NWSA/SPRB correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.35) than the 3-year average (-0.22). The 5-year figure is -0.14, and annualized covariance runs at -5549.5 %².
Out of 42 assets tracked against NWSA, SPRB lands near the bottom at #39. Correlation aside, the last 12 months split them widely, with SPRB ahead by 740.3 points (+6.0% versus +746.3%). One caveat on sizing: SPRB is 46.4 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.
NWSA vs SPRB: side by side
| NWSA (News Corp (Class A)) | SPRB (Spruce Biosciences, Inc.) | |
|---|---|---|
| 1-year return | +6.0% | +746.3% |
| 5-year return | +45.9% | -99.8% |
| Volatility (ann.) | 23.4% | 1086.4% |
| Beta vs S&P 500 | 0.76 | -7.82 |
| Max drawdown (3Y) | -27.8% | -100.0% |
| Market cap | $16.8B | $0.2B |
| P/E (trailing) | 30.0 | – |
| Dividend yield | 0.65% | 0.00% |
| Sector / category | Communication Services | US Listed |
Year-by-year returns
| Year | NWSA | SPRB |
|---|---|---|
| 2022 | -17.6% | -75.4% |
| 2023 | +36.4% | +167.1% |
| 2024 | +13.0% | -85.7% |
| 2025 | -4.5% | -96.3% |
| 2026 | +19.9% | -27.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWSA and SPRB good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NWSA and SPRB?
The NWSA/SPRB correlation stands at -0.22 on a 3-year window (1 year: -0.35, 5 years: -0.14), computed from weekly returns as of 2026-08-27.
Is SPRB a good diversifier for NWSA?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 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/nwsa-vs-sprb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nwsa-vs-sprb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NWSA correlations · SPRB correlations
