NXST vs SCHD: Correlation
How closely do Nexstar Media Group, Inc. (NXST) and Schwab US Dividend Equity ETF (SCHD) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NXST and SCHD?
On 3 years of weekly data the NXST/SCHD correlation comes out at 0.47, moderate. The link has loosened recently: the 1-year correlation (0.23) runs below the 3-year figure (0.47). The 5-year figure is 0.48, and annualized covariance runs at 200.9 %².
Few assets follow NXST as closely as SCHD, which ranks #3 of 13 tracked partners. The last year tells two different stories: SCHD led by 39.1 percentage points, -9.5% for NXST against +29.6% for SCHD. Note the risk asymmetry: NXST runs 2.6 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.
NXST vs SCHD: side by side
| NXST (Nexstar Media Group, Inc.) | SCHD (Schwab US Dividend Equity ETF) | |
|---|---|---|
| 1-year return | -9.5% | +29.6% |
| 5-year return | +43.6% | +60.9% |
| Volatility (ann.) | 33.2% | 12.9% |
| Beta vs S&P 500 | 0.63 | 0.52 |
| Max drawdown (3Y) | -38.4% | -16.1% |
| Market cap | $5.5B | – |
| P/E (trailing) | 35.1 | – |
| Dividend yield | 4.01% | 3.13% |
| Expense ratio | – | 0.06% |
| Assets under management | – | $104.2B |
| Sector / category | US Listed | ETF · Dividend |
SCHD, Schwab ETFs's Large Value fund, carries $104.2B under management, 101 holdings, a 0.06% expense ratio, a 3.13% trailing dividend yield.
Year-by-year returns
| Year | NXST | SCHD |
|---|---|---|
| 2022 | +18.4% | -3.3% |
| 2023 | -7.5% | +4.5% |
| 2024 | +5.0% | +11.7% |
| 2025 | +34.0% | +4.3% |
| 2026 | -9.0% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
NXST represents 0.13% of SCHD's portfolio, so part of any move in SCHD is NXST itself, and the correlation between them is partly mechanical.
Are NXST and SCHD good diversifiers for each other?
Reasonably. At 0.47, NXST and SCHD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NXST and SCHD?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.23 over the last year and 0.48 over 5 years.
Is SCHD a good diversifier for NXST?
Reasonably. At 0.47, NXST and SCHD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nxst-vs-schd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nxst-vs-schd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NXST correlations · SCHD correlations
