BX vs WBD: Correlation
How closely do Blackstone Inc. (BX) and Warner Bros. Discovery (WBD) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BX and WBD?
On 3 years of weekly data the BX/WBD correlation comes out at 0.43, moderate. The link has loosened recently: the 1-year correlation (0.27) runs below the 3-year figure (0.43). The 5-year figure is 0.39, and annualized covariance runs at 802.5 %².
By 3-year correlation, WBD places #25 of the 35 assets tracked against BX. Their recent paths diverged sharply: over the last 12 months WBD outperformed by 150.6 percentage points (-12.9% for BX against +137.7% for WBD). Across three years, the rolling one-year figure varied moderately, from 0.27 to 0.61. One caveat on sizing: WBD is 1.6 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.
BX vs WBD: side by side
| BX (Blackstone Inc.) | WBD (Warner Bros. Discovery) | |
|---|---|---|
| 1-year return | -12.9% | +137.7% |
| 5-year return | +37.5% | +3.7% |
| Volatility (ann.) | 34.0% | 54.7% |
| Beta vs S&P 500 | 1.36 | 1.19 |
| Max drawdown (3Y) | -46.5% | -48.9% |
| Market cap | $171.7B | $72.4B |
| P/E (trailing) | 32.1 | – |
| Dividend yield | 3.65% | 0.00% |
| Sector / category | Financials | Communication Services |
Year-by-year returns
| Year | BX | WBD |
|---|---|---|
| 2022 | -40.0% | -59.7% |
| 2023 | +82.7% | +20.0% |
| 2024 | +35.1% | -7.1% |
| 2025 | -7.8% | +172.7% |
| 2026 | -3.9% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BX and WBD good diversifiers for each other?
Reasonably. At 0.43, BX and WBD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BX and WBD?
The BX/WBD correlation stands at 0.43 on a 3-year window (1 year: 0.27, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is WBD a good diversifier for BX?
Reasonably. At 0.43, BX and WBD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 mean?
A reading of 0.43 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BX correlations · WBD correlations
