NWSA vs SPY: Correlation
Measured on weekly returns over the past three years, News Corp (Class A) (NWSA) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWSA and SPY?
On 3 years of weekly data the NWSA/SPY correlation comes out at 0.47, moderate. The past 12 months show a weaker link (0.22) than the 3-year average (0.47). The 5-year figure is 0.54, and annualized covariance runs at 158.6 %².
Among the 42 assets we track against NWSA, SPY ranks #17 by 3-year correlation. On 12-month performance SPY holds a 14.6-point edge, +6.0% against +20.6%. On a rolling one-year basis the correlation drifted between 0.23 and 0.70, a moderate band. Note the risk asymmetry: NWSA runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 SPY: side by side
| NWSA (News Corp (Class A)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +6.0% | +20.6% |
| 5-year return | +45.9% | +82.4% |
| Volatility (ann.) | 23.4% | 14.5% |
| Beta vs S&P 500 | 0.76 | 1.00 |
| Max drawdown (3Y) | -27.8% | -18.8% |
| Market cap | $16.8B | – |
| P/E (trailing) | 30.0 | – |
| Dividend yield | 0.65% | 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 | NWSA | SPY |
|---|---|---|
| 2022 | -17.6% | -18.2% |
| 2023 | +36.4% | +26.2% |
| 2024 | +13.0% | +24.9% |
| 2025 | -4.5% | +17.7% |
| 2026 | +19.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWSA and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NWSA and SPY?
The NWSA/SPY correlation stands at 0.47 on a 3-year window (1 year: 0.22, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NWSA?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 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.
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Related comparisons
Hubs: NWSA correlations · SPY correlations
