LYV vs WBD: Correlation
Measured on weekly returns over the past three years, Live Nation Entertainment (LYV) and Warner Bros. Discovery (WBD) carry a correlation of 0.27, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LYV and WBD?
Across a 3-year window, the weekly returns of LYV and WBD correlate at 0.27, weak. Little has changed lately, as the 1-year reading of 0.32 lands near the 3-year figure. Stretching to 5 years gives 0.32, with an annualized covariance of 416.2 %².
Among the 35 assets we track against LYV, WBD ranks #23 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WBD ahead by 128.6 points (+9.1% versus +137.7%). On a rolling one-year basis the correlation drifted between 0.11 and 0.46, a moderate band. Note the risk asymmetry: WBD runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
LYV vs WBD: side by side
| LYV (Live Nation Entertainment) | WBD (Warner Bros. Discovery) | |
|---|---|---|
| 1-year return | +9.1% | +137.7% |
| 5-year return | +108.7% | +3.7% |
| Volatility (ann.) | 28.1% | 54.7% |
| Beta vs S&P 500 | 1.02 | 1.19 |
| Max drawdown (3Y) | -27.8% | -48.9% |
| Market cap | $42.1B | $72.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Communication Services | Communication Services |
Year-by-year returns
| Year | LYV | WBD |
|---|---|---|
| 2022 | -41.7% | -59.7% |
| 2023 | +34.2% | +20.0% |
| 2024 | +38.4% | -7.1% |
| 2025 | +10.0% | +172.7% |
| 2026 | +26.8% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LYV and WBD good diversifiers for each other?
Reasonably. At 0.27, LYV and WBD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between LYV and WBD?
As of 2026-08-27, the correlation of weekly returns between LYV and WBD is 0.27 over 3 years, 0.32 over 1 year and 0.32 over 5 years.
Is WBD a good diversifier for LYV?
Reasonably. At 0.27, LYV and WBD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.27 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
$ curl https://www.pairbook.io/api/v1/pairs/lyv-vs-wbd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/lyv-vs-wbd/)
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Related comparisons
Hubs: LYV correlations · WBD correlations
