USB vs WBD: Correlation
U.S. Bancorp (USB) and Warner Bros. Discovery (WBD) show a moderate relationship: their 3-year correlation of weekly returns is 0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are USB and WBD?
On 3 years of weekly data the USB/WBD correlation comes out at 0.43, moderate. The past 12 months show a weaker link (0.20) than the 3-year average (0.43). The 5-year figure is 0.47, and annualized covariance runs at 635.1 %².
Within USB's tracked universe of 55 assets, WBD comes in at #42 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WBD ahead by 104.6 points (+33.1% versus +137.7%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.16 and 0.68 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: WBD runs 2.0 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.
USB vs WBD: side by side
| USB (U.S. Bancorp) | WBD (Warner Bros. Discovery) | |
|---|---|---|
| 1-year return | +33.1% | +137.7% |
| 5-year return | +36.0% | +3.7% |
| Volatility (ann.) | 27.3% | 54.7% |
| Beta vs S&P 500 | 1.09 | 1.19 |
| Max drawdown (3Y) | -30.6% | -48.9% |
| Market cap | $97.2B | $72.4B |
| P/E (trailing) | 12.5 | – |
| Dividend yield | 3.31% | 0.00% |
| Sector / category | Financials | Communication Services |
Year-by-year returns
| Year | USB | WBD |
|---|---|---|
| 2022 | -19.1% | -59.7% |
| 2023 | +4.8% | +20.0% |
| 2024 | +15.6% | -7.1% |
| 2025 | +16.5% | +172.7% |
| 2026 | +19.2% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are USB and WBD good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between USB and WBD?
As of 2026-08-27, the correlation of weekly returns between USB and WBD is 0.43 over 3 years, 0.20 over 1 year and 0.47 over 5 years.
Is WBD a good diversifier for USB?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/usb-vs-wbd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/usb-vs-wbd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: USB correlations · WBD correlations
