PARA vs. WBD

Last updated Jun 3, 2026

PARA (Paramount Global Class B) and WBD (Warner Bros. Discovery, Inc.) are both stocks. Both operate in the Entertainment industry within the Communication Services sector. A 0.58 correlation means they provide meaningful diversification when combined.

Performance

PARA vs. WBD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Paramount Global Class B (PARA) and Warner Bros. Discovery, Inc. (WBD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PARA

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

WBD

• 1D: -0.26%
• 1M: 0.78%
• YTD: -5.69%
• 6M: 10.80%
• 1Y: 171.80%
• 3Y*: 32.25%
• 5Y*: -2.99%
• 10Y*: -0.43%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PARA vs. WBD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PARA Paramount Global Class B	0.00%	6.45%	-27.96%	-10.43%	-41.80%	-17.17%	-7.58%	-2.34%	-24.86%	-6.17%
WBD Warner Bros. Discovery, Inc.	-5.69%	172.66%	-7.12%	20.04%	-59.73%	-21.77%	-8.09%	32.34%	10.55%	-18.35%

Correlation

The correlation between PARA and WBD is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jan 4, 2006	0.58

Over the past year, the correlation between PARA and WBD has dropped to 0.13 - well below their long-term average of 0.58, suggesting their price drivers have been diverging.

Fundamentals

Market Cap PARA : $12.23B WBD : $67.73B
EPS PARA : -$0.65 WBD : -$0.86
PS Ratio PARA : 0.37 WBD : 1.83
PB Ratio PARA : 1.05 WBD : 2.08
Total Revenue (TTM) PARA : $28.89B WBD : $37.21B
Gross Profit (TTM) PARA : $8.54B WBD : $15.43B
EBITDA (TTM) PARA : $2.64B WBD : $9.00B

Return for Risk

PARA vs. WBD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

WBD

WBD Risk / Return Rank: 97
WBD Sharpe Ratio Rank: 96
WBD Sortino Ratio Rank: 98
WBD Omega Ratio Rank: 98
WBD Calmar Ratio Rank: 96
WBD Martin Ratio Rank: 96

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PARA vs. WBD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Paramount Global Class B (PARA) and Warner Bros. Discovery, Inc. (WBD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	PARA	WBD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.66	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.06	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.01	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.16	—

Drawdowns

Drawdown Indicators

	PARA	WBD	Difference
Max Drawdown Largest peak-to-trough decline	—	-91.32%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-21.31%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-53.63%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-78.73%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-91.32%	—
Current Drawdown Current decline from peak	—	-64.82%	—
Average Drawdown Average peak-to-trough decline	—	-37.10%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.23%	—

Volatility

Volatility by Period

	PARA	WBD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.54%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.53%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	47.29%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	52.76%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	47.18%	—

Dividends

PARA vs. WBD - Dividend Comparison

PARA's dividend yield for the trailing twelve months is around 0.45%, while WBD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PARA Paramount Global Class B	0.45%	0.91%	1.91%	2.64%	5.69%	3.18%	2.58%	1.86%	1.65%	1.22%	1.04%	1.27%
WBD Warner Bros. Discovery, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

PARA vs. WBD - Profitability Comparison

The chart below illustrates the profitability comparison between Paramount Global Class B and Warner Bros. Discovery, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

PARA - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Paramount Global Class B reported a gross profit of 1.98B and revenue of 8.15B. Therefore, the gross margin over that period was 24.3%.

WBD - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Warner Bros. Discovery, Inc. reported a gross profit of 4.25B and revenue of 8.89B. Therefore, the gross margin over that period was 47.8%.

PARA - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Paramount Global Class B reported an operating income of 207.00M and revenue of 8.15B, resulting in an operating margin of 2.5%.

WBD - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Warner Bros. Discovery, Inc. reported an operating income of -2.47B and revenue of 8.89B, resulting in an operating margin of -27.8%.

PARA - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Paramount Global Class B reported a net income of -573.00M and revenue of 8.15B, resulting in a net margin of -7.0%.

WBD - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Warner Bros. Discovery, Inc. reported a net income of -3.33B and revenue of 8.89B, resulting in a net margin of -37.5%.

Frequently Asked Questions

Can I hold both PARA and WBD in my portfolio?

PARA and WBD have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.