WBD vs ZION: Correlation
Warner Bros. Discovery (WBD) and Zions Bancorporation N.A. (ZION) 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 WBD and ZION?
Over the past 3 years, WBD and ZION moved with a correlation of 0.43, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.30 versus 0.43 over 3 years. Over 5 years the correlation is 0.42, and the annualized covariance of weekly returns is 828.1 %².
Among the 36 assets we track against WBD, ZION ranks #10 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WBD ahead by 117.0 points (+137.7% versus +20.7%). Note the risk asymmetry: WBD runs 1.5 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.
WBD vs ZION: side by side
| WBD (Warner Bros. Discovery) | ZION (Zions Bancorporation N.A.) | |
|---|---|---|
| 1-year return | +137.7% | +20.7% |
| 5-year return | +3.7% | +41.1% |
| Volatility (ann.) | 54.7% | 35.5% |
| Beta vs S&P 500 | 1.19 | 1.29 |
| Max drawdown (3Y) | -48.9% | -32.4% |
| Market cap | $72.4B | $9.9B |
| P/E (trailing) | – | 8.7 |
| Dividend yield | 0.00% | 2.63% |
| Sector / category | Communication Services | US Listed |
Year-by-year returns
| Year | WBD | ZION |
|---|---|---|
| 2022 | -59.7% | -20.0% |
| 2023 | +20.0% | -6.3% |
| 2024 | -7.1% | +28.2% |
| 2025 | +172.7% | +11.6% |
| 2026 | +0.2% | +18.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are WBD and ZION 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 WBD and ZION?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.30 over the last year and 0.42 over 5 years.
Is ZION a good diversifier for WBD?
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?
A reading of 0.43 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
$ curl https://www.pairbook.io/api/v1/pairs/wbd-vs-zion.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/wbd-vs-zion/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: WBD correlations · ZION correlations
