NXST vs SBGI: Correlation
Nexstar Media Group, Inc. (NXST) and Sinclair, Inc. (SBGI) show a strong relationship: their 3-year correlation of weekly returns is 0.64.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NXST and SBGI?
Across a 3-year window, the weekly returns of NXST and SBGI correlate at 0.64, strong. The past 12 months show a weaker link (0.45) than the 3-year average (0.64). Stretching to 5 years gives 0.65, with an annualized covariance of 1216.2 %².
In NXST's tracked universe of 13 assets, SBGI sits right near the top at #1. On 12-month performance SBGI holds a 12.7-point edge, -9.5% against +3.2%. One caveat on sizing: SBGI is 1.7 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 SBGI: side by side
| NXST (Nexstar Media Group, Inc.) | SBGI (Sinclair, Inc.) | |
|---|---|---|
| 1-year return | -9.5% | +3.2% |
| 5-year return | +43.6% | -37.1% |
| Volatility (ann.) | 33.2% | 57.6% |
| Beta vs S&P 500 | 0.63 | 0.91 |
| Max drawdown (3Y) | -38.4% | -33.1% |
| Market cap | $5.5B | $1.0B |
| P/E (trailing) | 35.1 | 18.2 |
| Dividend yield | 4.01% | 6.98% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NXST | SBGI |
|---|---|---|
| 2022 | +18.4% | -38.7% |
| 2023 | -7.5% | -9.8% |
| 2024 | +5.0% | +32.6% |
| 2025 | +34.0% | +1.5% |
| 2026 | -9.0% | -5.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NXST and SBGI good diversifiers for each other?
Only partially. A correlation of 0.64 means NXST and SBGI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NXST and SBGI?
The NXST/SBGI correlation stands at 0.64 on a 3-year window (1 year: 0.45, 5 years: 0.65), computed from weekly returns as of 2026-08-27.
Is SBGI a good diversifier for NXST?
Only partially. A correlation of 0.64 means NXST and SBGI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.64 mean?
A reading of 0.64 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-sbgi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nxst-vs-sbgi/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NXST correlations · SBGI correlations
