Tax-loss harvesting alternatives for NWSA

Among the 4 Publishing peers screened, NWS (News Corp (Class B)) has tracked NWSA most closely over the past year, with a return correlation of 0.95. The strongest fund stand-in is XLC (Communication Services SPDR) at 0.48 over the past year. Correlations are computed from daily closing-price returns aligned by trading day.

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STOCKS

Single-name peers

Ticker	Name	Sub-industry	1Y	3Y	5Y	10Y
NWS	News Corp (Class B)	Publishing	0.95	0.96	0.97	0.97
WLY	John Wiley & Sons	Publishing	0.37	0.33	0.37	0.38
NYT	New York Times Company	Publishing	0.33	0.37	0.45	0.40
SCHL	Scholastic Corporation	Publishing	0.11	0.20	0.23	0.30

ETFS

Fund stand-ins

An ETF is generally not 'substantially identical' to a single stock, which is why funds are the standard wash-sale-aware replacement.

Ticker	Name	Focus	Match	1Y	3Y	5Y	10Y
XLC	Communication Services SPDR	Comm Services Sector	SECTOR	0.48	0.57	0.61	0.58
VOX	Vanguard Communication Services	Comm Services Sector	SECTOR	0.39	0.54	0.60	0.56
FCOM	Fidelity MSCI Communication Services	Comm Services Sector	SECTOR	0.38	0.53	0.60	0.55
SOCL	Global X Social Media ETF	Social Media	SUB-IND	0.31	0.43	0.49	0.45
ESPO	VanEck Video Gaming & eSports	Gaming & Esports	SUB-IND	0.27	0.42	0.50	0.45
HERO	Global X Video Games & Esports	Gaming & Esports	SUB-IND	0.25	0.39	0.46	0.43
IVV	iShares Core S&P 500	S&P 500	BROAD	0.13	0.46	0.56	0.58
SPY	SPDR S&P 500 ETF	S&P 500	BROAD	0.13	0.46	0.56	0.59
VOO	Vanguard S&P 500 ETF	S&P 500	BROAD	0.12	0.46	0.56	0.59
QQQM	Invesco Nasdaq 100 ETF	Nasdaq 100	BROAD	-0.00	0.36	0.49	—
QQQ	Invesco QQQ Trust	Nasdaq 100	BROAD	-0.00	0.36	0.49	0.49
IYZ	iShares US Telecommunications ETF	Telecom	INDUSTRY	-0.07	0.28	0.45	0.50

NEXT STEPS

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Replacement research for NWSA's peers

NWS WLY NYT SCHL

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Method: Pearson correlation of daily closing-price returns, Yahoo Finance data, series aligned by trading day, refreshed weekly. A cell is blank when overlapping history covers less than 60% of its window. Correlation is descriptive, not predictive. Wash-sale treatment depends on facts and circumstances — confirm with a tax professional. Not investment advice.