Fox Corp’s dual-class share structure showed an elevated voting premium on Friday, with Class A shares (FOXA) trading at a 12.0% premium to Class B (FOX) as the A/B ratio reached 1.120x. The spread sits near the upper bound of its 90-day range of 1.096x to 1.124x, according to pricing data as of August 28, 2026.
Both share classes maintain identical fundamentals, including a P/E ratio of 16.3x and a beta of 0.54, with Fox Corp’s combined market capitalization at $26.76 billion. FOXA last traded at $68.76, while FOX closed at $61.37, reflecting the 12% voting premium. The ratio has fluctuated within a narrow band over the past three months, averaging approximately 1.112x, though it briefly spiked to 1.124x on August 14 before easing slightly.
Historical pricing highlights the volatility in the spread. On June 15, the A/B ratio dipped to 1.096x, the lowest point in the period, while the recent peak of 1.124x on August 14 coincided with FOXA at $69.04 and FOX at $61.41. The current 1.120x ratio remains 0.7% above the 90-day average, suggesting a modest but persistent demand for voting rights.
Liquidity dynamics favor FOXA, with average daily dollar volume of $6.63 million compared to $1.73 million for FOX, a 3.8x disparity. Dividend yields differ slightly, with FOX offering a 1.0% yield versus 0.9% for FOXA, creating a marginal net advantage of about 10 basis points when shorting FOXA and holding FOX.
Traders often deploy dollar-neutral or ratio-neutral strategies to capitalize on the spread. A common approach involves shorting FOXA and going long FOX when the ratio exceeds the mean plus one standard deviation, typically around 1.12x. Entry signals strengthen when the ratio surpasses 1.12x, with historical reversions often targeting a return to 1.11x, equating to roughly $0.60 per share in convergence at current prices. Stop-loss thresholds are typically set at 1.14x, where the premium may signal a structural shift, prompting a reversal to long FOXA and short FOX if the ratio falls below 1.10x.
