TARS vs WBD: Correlation
How closely do Tarsus Pharmaceuticals, Inc. (TARS) and Warner Bros. Discovery (WBD) trade together? Their weekly returns over three years give a correlation of -0.12, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TARS and WBD?
Over the past 3 years, TARS and WBD moved with a correlation of -0.12, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.33) than the 3-year average (-0.12). Over 5 years the correlation is 0.00, and the annualized covariance of weekly returns is -335.4 %².
Among the 15 assets we track against TARS, WBD ranks #9 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WBD ahead by 113.3 points (+24.4% versus +137.7%).
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.
TARS vs WBD: side by side
| TARS (Tarsus Pharmaceuticals, Inc.) | WBD (Warner Bros. Discovery) | |
|---|---|---|
| 1-year return | +24.4% | +137.7% |
| 5-year return | +171.4% | +3.7% |
| Volatility (ann.) | 53.2% | 54.7% |
| Beta vs S&P 500 | 0.51 | 1.19 |
| Max drawdown (3Y) | -45.1% | -48.9% |
| Market cap | $3.2B | $72.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | TARS | WBD |
|---|---|---|
| 2022 | -34.8% | -59.7% |
| 2023 | +38.1% | +20.0% |
| 2024 | +173.4% | -7.1% |
| 2025 | +47.9% | +172.7% |
| 2026 | -12.2% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TARS and WBD good diversifiers for each other?
Yes. With a correlation of -0.12, TARS and WBD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between TARS and WBD?
As of 2026-08-27, the correlation of weekly returns between TARS and WBD is -0.12 over 3 years, -0.33 over 1 year and 0.00 over 5 years.
Is WBD a good diversifier for TARS?
Yes. With a correlation of -0.12, TARS and WBD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.12 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: TARS correlations · WBD correlations
