NWSA vs WBD: Correlation
News Corp (Class A) (NWSA) and Warner Bros. Discovery (WBD) show a weak relationship: their 3-year correlation of weekly returns is 0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWSA and WBD?
Across a 3-year window, the weekly returns of NWSA and WBD correlate at 0.27, weak. Lately the two have drifted apart, with the 1-year correlation at 0.12 versus 0.27 over 3 years. Stretching to 5 years gives 0.36, with an annualized covariance of 347.4 %².
Within NWSA's tracked universe of 42 assets, WBD comes in at #31 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months WBD outperformed by 131.7 percentage points (+6.0% for NWSA against +137.7% for WBD). The rolling one-year correlation moved between 0.14 and 0.55 over the past three years, a moderate range. Note the risk asymmetry: WBD runs 2.3 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 WBD: side by side
| NWSA (News Corp (Class A)) | WBD (Warner Bros. Discovery) | |
|---|---|---|
| 1-year return | +6.0% | +137.7% |
| 5-year return | +45.9% | +3.7% |
| Volatility (ann.) | 23.4% | 54.7% |
| Beta vs S&P 500 | 0.76 | 1.19 |
| Max drawdown (3Y) | -27.8% | -48.9% |
| Market cap | $16.8B | $72.4B |
| P/E (trailing) | 30.0 | – |
| Dividend yield | 0.65% | 0.00% |
| Sector / category | Communication Services | Communication Services |
Year-by-year returns
| Year | NWSA | WBD |
|---|---|---|
| 2022 | -17.6% | -59.7% |
| 2023 | +36.4% | +20.0% |
| 2024 | +13.0% | -7.1% |
| 2025 | -4.5% | +172.7% |
| 2026 | +19.9% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWSA and WBD good diversifiers for each other?
Reasonably. At 0.27, NWSA and WBD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NWSA and WBD?
As of 2026-08-27, the correlation of weekly returns between NWSA and WBD is 0.27 over 3 years, 0.12 over 1 year and 0.36 over 5 years.
Is WBD a good diversifier for NWSA?
Reasonably. At 0.27, NWSA and WBD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.27 mean?
On the −1 to +1 scale, 0.27 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/nwsa-vs-wbd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nwsa-vs-wbd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NWSA correlations · WBD correlations
