CWD vs WBD: Correlation
CaliberCos Inc. (CWD) and Warner Bros. Discovery (WBD) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWD and WBD?
Across a 3-year window, the weekly returns of CWD and WBD correlate at 0.44, moderate. The past 12 months show a tighter link (0.77) than the 3-year average (0.44). Stretching to 5 years gives n/a, with an annualized covariance of 4649.4 %².
Among the 16 assets we track against CWD, WBD ranks #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WBD ahead by 204.2 points (-66.5% versus +137.7%). One caveat on sizing: CWD is 3.6 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.
CWD vs WBD: side by side
| CWD (CaliberCos Inc.) | WBD (Warner Bros. Discovery) | |
|---|---|---|
| 1-year return | -66.5% | +137.7% |
| 5-year return | n/a | +3.7% |
| Volatility (ann.) | 194.6% | 54.7% |
| Beta vs S&P 500 | 1.40 | 1.19 |
| Max drawdown (3Y) | -98.7% | -48.9% |
| Market cap | – | $72.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | CWD | WBD |
|---|---|---|
| 2022 | – | -59.7% |
| 2023 | – | +20.0% |
| 2024 | -45.8% | -7.1% |
| 2025 | -91.1% | +172.7% |
| 2026 | -54.0% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWD and WBD good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CWD and WBD?
The CWD/WBD correlation stands at 0.44 on a 3-year window (1 year: 0.77, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is WBD a good diversifier for CWD?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 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
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Related comparisons
Hubs: CWD correlations · WBD correlations
