Fox Corp dual-class pairs trade: FOXA/FOX spread near 90-day high

Fox Corp's dual-class stocks, FOXA and FOX, display a 12.0% voting premium, with a ratio of 1.120x as of August 28, 2026. This ratio fluctuated between 1.096x and 1.124x over the past 90 days, sitting close to the upper limit, potentially signaling a short-A/long-B mean-reversion opportunity for traders. Despite having identical economic claims on Fox Corp's cash flows, the two share classes differ only in voting rights; Class A holds one vote per share, while Class B carries none.

The primary driver of this price gap is the market's voting premium, the premium paid for the voting rights. Fundamentals are identical, with comparable P/E ratios, betas, and market capitalizations. The 90-day average ratio is approximately 1.112x, positioning Class A trading around 0.7% above its recent average premium. Although not extreme, this elevated premium warrants attention.

Liquidity disparity exists, with Class A averaging $6.63M in daily trading volume, compared to $1.73M for Class B, an 3.8x gap. To capitalize on this, a patient mean-reversion trader may consider initiating a short FOXA / long FOX position at 1.120x, targeting 1.11x convergence (approximately $0.60 per share) and setting a stop-loss at 1.14x. The main risk lies in a governance catalyst that permanently alters the voting premium.