NXST vs PSKY: Correlation
Nexstar Media Group, Inc. (NXST) and Paramount Skydance Corporation (PSKY) show a moderate relationship: their 3-year correlation of weekly returns is 0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NXST and PSKY?
On 3 years of weekly data the NXST/PSKY correlation comes out at 0.40, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.24 versus 0.40 over 3 years. The 5-year figure is 0.50, and annualized covariance runs at 725.5 %².
Within NXST's tracked universe of 13 assets, PSKY comes in at #7 by 3-year correlation. The last year tells two different stories: NXST led by 16.4 percentage points, -9.5% for NXST against -25.9% for PSKY. One caveat on sizing: PSKY is 1.6 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.
NXST vs PSKY: side by side
| NXST (Nexstar Media Group, Inc.) | PSKY (Paramount Skydance Corporation) | |
|---|---|---|
| 1-year return | -9.5% | -25.9% |
| 5-year return | +43.6% | -69.8% |
| Volatility (ann.) | 33.2% | 54.4% |
| Beta vs S&P 500 | 0.63 | 0.92 |
| Max drawdown (3Y) | -38.4% | -59.9% |
| Market cap | $5.5B | $12.1B |
| P/E (trailing) | 35.1 | 360.0 |
| Dividend yield | 4.01% | 1.86% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | NXST | PSKY |
|---|---|---|
| 2022 | +18.4% | -41.8% |
| 2023 | -7.5% | -10.4% |
| 2024 | +5.0% | -28.0% |
| 2025 | +34.0% | +30.0% |
| 2026 | -9.0% | -18.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NXST and PSKY good diversifiers for each other?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NXST and PSKY?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.24 over the last year and 0.50 over 5 years.
Is PSKY a good diversifier for NXST?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.40 mean?
A reading of 0.40 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/nxst-vs-psky.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nxst-vs-psky/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NXST correlations · PSKY correlations
