NWSA vs VXZ: Correlation
News Corp (Class A) (NWSA) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWSA and VXZ?
On 3 years of weekly data the NWSA/VXZ correlation comes out at -0.41, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.17) runs above the 3-year figure (-0.41). The 5-year figure is -0.47, and annualized covariance runs at -245.4 %².
Out of 42 assets tracked against NWSA, VXZ lands near the bottom at #40. Their recent paths diverged sharply: over the last 12 months NWSA outperformed by 22.1 percentage points (+6.0% for NWSA 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.
NWSA vs VXZ: side by side
| NWSA (News Corp (Class A)) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +6.0% | -16.1% |
| 5-year return | +45.9% | -53.1% |
| Volatility (ann.) | 23.4% | 25.6% |
| Beta vs S&P 500 | 0.76 | -1.31 |
| Max drawdown (3Y) | -27.8% | -36.4% |
| Market cap | $16.8B | – |
| P/E (trailing) | 30.0 | – |
| Dividend yield | 0.65% | – |
| Sector / category | Communication Services | US Listed |
Year-by-year returns
| Year | NWSA | VXZ |
|---|---|---|
| 2022 | -17.6% | +0.5% |
| 2023 | +36.4% | -44.0% |
| 2024 | +13.0% | -12.7% |
| 2025 | -4.5% | +5.7% |
| 2026 | +19.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWSA and VXZ good diversifiers for each other?
Yes. With a correlation of -0.41, NWSA and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NWSA and VXZ?
As of 2026-08-27, the correlation of weekly returns between NWSA and VXZ is -0.41 over 3 years, -0.17 over 1 year and -0.47 over 5 years.
Is VXZ a good diversifier for NWSA?
Yes. With a correlation of -0.41, NWSA and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.41 mean?
A reading of -0.41 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nwsa-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NWSA correlations · VXZ correlations
