T vs WBD: Correlation
AT&T (T) and Warner Bros. Discovery (WBD) show a weak relationship: their 3-year correlation of weekly returns is 0.18.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are T and WBD?
Over the past 3 years, T and WBD moved with a correlation of 0.18, which is weak. The link has loosened recently: the 1-year correlation (-0.02) runs below the 3-year figure (0.18). Over 5 years the correlation is 0.29, and the annualized covariance of weekly returns is 224.9 %².
Among the 32 assets we track against T, WBD ranks #18 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months WBD outperformed by 146.1 percentage points (-8.4% for T against +137.7% for WBD). This link changes with the market regime, having swung between -0.07 and 0.58 on a rolling one-year basis. Note the risk asymmetry: WBD runs 2.4 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.
T vs WBD: side by side
| T (AT&T) | WBD (Warner Bros. Discovery) | |
|---|---|---|
| 1-year return | -8.4% | +137.7% |
| 5-year return | +67.2% | +3.7% |
| Volatility (ann.) | 22.4% | 54.7% |
| Beta vs S&P 500 | 0.05 | 1.19 |
| Max drawdown (3Y) | -28.9% | -48.9% |
| Market cap | $174.3B | $72.4B |
| P/E (trailing) | 8.4 | – |
| Dividend yield | 4.29% | 0.00% |
| Sector / category | Communication Services | Communication Services |
Year-by-year returns
| Year | T | WBD |
|---|---|---|
| 2022 | +6.5% | -59.7% |
| 2023 | -2.7% | +20.0% |
| 2024 | +44.1% | -7.1% |
| 2025 | +14.0% | +172.7% |
| 2026 | +6.1% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are T and WBD good diversifiers for each other?
Yes. With a correlation of 0.18, T and WBD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between T and WBD?
Using weekly returns as of 2026-08-27: 0.18 over 3 years, with -0.02 over the last year and 0.29 over 5 years.
Is WBD a good diversifier for T?
Yes. With a correlation of 0.18, T and WBD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.18 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: T correlations · WBD correlations
