DIS vs WBD: Correlation
Walt Disney Company (The) (DIS) and Warner Bros. Discovery (WBD) show a moderate relationship: their 3-year correlation of weekly returns is 0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIS and WBD?
Over the past 3 years, DIS and WBD moved with a correlation of 0.30, which is moderate. The past 12 months show a weaker link (0.09) than the 3-year average (0.30). Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 456.4 %².
By 3-year correlation, WBD places #25 of the 37 assets tracked against DIS. Their recent paths diverged sharply: over the last 12 months WBD outperformed by 145.9 percentage points (-8.2% for DIS against +137.7% for WBD). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.10 to 0.63. One caveat on sizing: WBD is 2.0 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.
DIS vs WBD: side by side
| DIS (Walt Disney Company (The)) | WBD (Warner Bros. Discovery) | |
|---|---|---|
| 1-year return | -8.2% | +137.7% |
| 5-year return | -38.8% | +3.7% |
| Volatility (ann.) | 27.7% | 54.7% |
| Beta vs S&P 500 | 0.96 | 1.19 |
| Max drawdown (3Y) | -32.9% | -48.9% |
| Market cap | $184.4B | $72.4B |
| P/E (trailing) | 22.6 | – |
| Dividend yield | 1.37% | 0.00% |
| Sector / category | Communication Services | Communication Services |
Year-by-year returns
| Year | DIS | WBD |
|---|---|---|
| 2022 | -43.9% | -59.7% |
| 2023 | +4.3% | +20.0% |
| 2024 | +24.4% | -7.1% |
| 2025 | +3.3% | +172.7% |
| 2026 | -5.4% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIS and WBD good diversifiers for each other?
Reasonably. At 0.30, DIS and WBD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DIS and WBD?
Using weekly returns as of 2026-08-27: 0.30 over 3 years, with 0.09 over the last year and 0.41 over 5 years.
Is WBD a good diversifier for DIS?
Reasonably. At 0.30, DIS and WBD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.30 mean?
A reading of 0.30 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: DIS correlations · WBD correlations
