T vs. WBD

Last updated Jun 13, 2026

T (AT&T Inc.) and WBD (Warner Bros. Discovery, Inc.) are both stocks. Both are in the Communication Services sector — T in Telecom Services, WBD in Entertainment. Over the past 10 years, T returned 3.33%/yr vs 0.50%/yr for WBD. At a 0.33 correlation, their price movements are largely independent.

Performance

T vs. WBD - Performance Comparison

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

Returns By Period

In the year-to-date period, T achieves a -2.96% return, which is significantly higher than WBD's -6.38% return. Over the past 10 years, T has outperformed WBD with an annualized return of 3.33%, while WBD has yielded a comparatively lower 0.50% annualized return.

T

• 1D: 2.52%
• 1M: -1.87%
• YTD: -2.96%
• 6M: -1.93%
• 1Y: -12.71%
• 3Y*: 20.58%
• 5Y*: 7.38%
• 10Y*: 3.33%

WBD

• 1D: 0.45%
• 1M: -0.00%
• YTD: -6.38%
• 6M: -10.01%
• 1Y: 168.99%
• 3Y*: 25.07%
• 5Y*: -2.61%
• 10Y*: 0.50%

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

T vs. WBD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
T AT&T Inc.	-2.96%	13.97%	44.08%	-2.74%	5.76%	-8.09%	-21.37%	45.55%	-22.25%	-4.01%
WBD Warner Bros. Discovery, Inc.	-6.38%	172.66%	-7.12%	20.04%	-59.73%	-21.77%	-8.09%	32.34%	10.55%	-18.35%

Correlation

The correlation between T and WBD is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jul 8, 2005	0.33

The correlation between T and WBD shifts across timeframes, from -0.11 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.

Fundamentals

EPS T : $3.04 WBD : -$0.86
PS Ratio T : 1.35 WBD : 1.81
Total Revenue (TTM) T : $125.65B WBD : $37.21B
Gross Profit (TTM) T : $105.41B WBD : $15.43B
EBITDA (TTM) T : $54.70B WBD : $9.00B

Return for Risk

T vs. WBD — Risk / Return Rank

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

T

T Risk / Return Rank: 18
T Sharpe Ratio Rank: 17
T Sortino Ratio Rank: 17
T Omega Ratio Rank: 18
T Calmar Ratio Rank: 21
T Martin Ratio Rank: 15

WBD

WBD Risk / Return Rank: 97
WBD Sharpe Ratio Rank: 97
WBD Sortino Ratio Rank: 99
WBD Omega Ratio Rank: 98
WBD Calmar Ratio Rank: 96
WBD Martin Ratio Rank: 97

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.

T vs. WBD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AT&T Inc. (T) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	T	WBD	Difference
Sharpe ratio: Return per unit of total volatility	-0.59	3.57	-4.16
Sortino ratio: Return per unit of downside risk	-0.72	5.51	-6.23
Omega ratio: Gain probability vs. loss probability	0.92	1.76	-0.84
Calmar ratio: Return relative to maximum drawdown	-0.59	7.82	-8.41
Martin ratio: Return relative to average drawdown	-1.22	22.23	-23.45

T vs. WBD - Sharpe Ratio Comparison

The current T Sharpe Ratio is -0.59, which is lower than the WBD Sharpe Ratio of 3.57. The chart below compares the historical Sharpe Ratios of T and WBD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

T vs. WBD - Drawdown Comparison

The maximum T drawdown since its inception was -64.15%, smaller than the maximum WBD drawdown of -91.32%. Use the drawdown chart below to compare losses from any high point for T and WBD.

Drawdown Indicators

	T	WBD	Difference
Max Drawdown Largest peak-to-trough decline	-64.15%	-91.32%	+27.17%
Max Drawdown (1Y) Largest decline over 1 year	-21.87%	-21.31%	-0.56%
Max Drawdown (3Y) Largest decline over 3 years	-21.87%	-53.63%	+31.76%
Max Drawdown (5Y) Largest decline over 5 years	-32.01%	-78.49%	+46.48%
Max Drawdown (10Y) Largest decline over 10 years	-42.35%	-91.32%	+48.97%
Current Drawdown Current decline from peak	-18.12%	-65.08%	+46.96%
Average Drawdown Average peak-to-trough decline	-15.72%	-37.14%	+21.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.64%	7.48%	+3.16%

Volatility

T vs. WBD - Volatility Comparison

AT&T Inc. (T) has a higher volatility of 8.21% compared to Warner Bros. Discovery, Inc. (WBD) at 4.77%. This indicates that T's price experiences larger fluctuations and is considered to be riskier than WBD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	T	WBD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.21%	4.77%	+3.44%
Volatility (6M) Calculated over the trailing 6-month period	17.80%	11.46%	+6.34%
Volatility (1Y) Calculated over the trailing 1-year period	22.13%	46.82%	-24.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.01%	52.71%	-28.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.73%	47.14%	-23.41%

Dividends

T vs. WBD - Dividend Comparison

T's dividend yield for the trailing twelve months is around 4.71%, while WBD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
T AT&T Inc.	4.71%	4.47%	4.87%	6.62%	6.66%	8.46%	7.23%	5.22%	7.01%	5.04%	4.51%	5.46%
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

Frequently Asked Questions

Can I hold both T and WBD in my portfolio?

T and WBD have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, T or WBD?

T has higher volatility (8.21%) compared to WBD (4.77%). In terms of maximum drawdown, T dropped -64.15% vs WBD's -91.32%.

Which has better risk-adjusted returns?

WBD currently has the higher Sharpe Ratio (3.57 vs -0.59), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.