SPY vs WBD: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Warner Bros. Discovery (WBD) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WBD?
Across a 3-year window, the weekly returns of SPY and WBD correlate at 0.31, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.20 versus 0.31 over 3 years. Stretching to 5 years gives 0.36, with an annualized covariance of 248.2 %².
By 3-year correlation, WBD places #2136 of the 4755 assets tracked against SPY. Their recent paths diverged sharply: over the last 12 months WBD outperformed by 117.1 percentage points (+20.6% for SPY against +137.7% for WBD). The rolling one-year correlation moved between 0.08 and 0.55 over the past three years, a moderate range. Note the risk asymmetry: WBD runs 3.8 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.
SPY vs WBD: side by side
| SPY (SPDR S&P 500 ETF Trust) | WBD (Warner Bros. Discovery) | |
|---|---|---|
| 1-year return | +20.6% | +137.7% |
| 5-year return | +82.4% | +3.7% |
| Volatility (ann.) | 14.5% | 54.7% |
| Beta vs S&P 500 | 1.00 | 1.19 |
| Max drawdown (3Y) | -18.8% | -48.9% |
| Market cap | – | $72.4B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Communication Services |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | WBD |
|---|---|---|
| 2022 | -18.2% | -59.7% |
| 2023 | +26.2% | +20.0% |
| 2024 | +24.9% | -7.1% |
| 2025 | +17.7% | +172.7% |
| 2026 | +13.7% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds WBD at a 0.11% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are SPY and WBD good diversifiers for each other?
Reasonably. At 0.31, SPY and WBD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and WBD?
Using weekly returns as of 2026-08-27: 0.31 over 3 years, with 0.20 over the last year and 0.36 over 5 years.
Is WBD a good diversifier for SPY?
Reasonably. At 0.31, SPY and WBD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.31 mean?
A reading of 0.31 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Related comparisons
Hubs: SPY correlations · WBD correlations
