JRS vs WBD: Correlation
How closely do Nuveen Real Estate Income Fund (JRS) and Warner Bros. Discovery (WBD) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JRS and WBD?
Over the past 3 years, JRS and WBD moved with a correlation of 0.42, which is moderate. The link has loosened recently: the 1-year correlation (0.16) runs below the 3-year figure (0.42). Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 487.9 %².
WBD is close to the least connected end of JRS's tracked universe, ranking #45 of 49. Their recent paths diverged sharply: over the last 12 months WBD outperformed by 123.3 percentage points (+14.4% for JRS against +137.7% for WBD). One caveat on sizing: WBD is 2.6 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.
JRS vs WBD: side by side
| JRS (Nuveen Real Estate Income Fund) | WBD (Warner Bros. Discovery) | |
|---|---|---|
| 1-year return | +14.4% | +137.7% |
| 5-year return | +13.5% | +3.7% |
| Volatility (ann.) | 21.1% | 54.7% |
| Beta vs S&P 500 | 0.79 | 1.19 |
| Max drawdown (3Y) | -25.3% | -48.9% |
| Market cap | – | $72.4B |
| P/E (trailing) | – | – |
| Dividend yield | 8.00% | 0.00% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | JRS | WBD |
|---|---|---|
| 2022 | -35.6% | -59.7% |
| 2023 | +13.4% | +20.0% |
| 2024 | +19.7% | -7.1% |
| 2025 | -3.4% | +172.7% |
| 2026 | +15.2% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JRS and WBD good diversifiers for each other?
Reasonably. At 0.42, JRS and WBD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between JRS and WBD?
The JRS/WBD correlation stands at 0.42 on a 3-year window (1 year: 0.16, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is WBD a good diversifier for JRS?
Reasonably. At 0.42, JRS and WBD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 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.
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Related comparisons
Hubs: JRS correlations · WBD correlations
