WBD vs. AAPL

Last updated Jun 4, 2026

WBD (Warner Bros. Discovery, Inc.) and AAPL (Apple Inc) are both stocks. WBD operates in Entertainment (Communication Services), while AAPL operates in Consumer Electronics (Technology). Over the past 10 years, WBD returned -0.50%/yr vs 30.12%/yr for AAPL. At a 0.28 correlation, their price movements are largely independent.

Performance

WBD vs. AAPL - Performance Comparison

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

Returns By Period

In the year-to-date period, WBD achieves a -6.32% return, which is significantly lower than AAPL's 14.34% return. Over the past 10 years, WBD has underperformed AAPL with an annualized return of -0.50%, while AAPL has yielded a comparatively higher 30.12% annualized return.

WBD

• 1D: -0.66%
• 1M: 0.15%
• YTD: -6.32%
• 6M: 9.89%
• 1Y: 171.63%
• 3Y*: 31.96%
• 5Y*: -3.07%
• 10Y*: -0.50%

AAPL

• 1D: -1.57%
• 1M: 12.18%
• YTD: 14.34%
• 6M: 9.39%
• 1Y: 53.24%
• 3Y*: 20.25%
• 5Y*: 20.38%
• 10Y*: 30.12%

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

WBD vs. AAPL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WBD Warner Bros. Discovery, Inc.	-6.32%	172.66%	-7.12%	20.04%	-59.73%	-21.77%	-8.09%	32.34%	10.55%	-18.35%
AAPL Apple Inc	14.34%	9.05%	30.71%	49.01%	-26.40%	34.65%	82.31%	88.96%	-5.39%	48.46%

Correlation

The correlation between WBD and AAPL is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Jul 11, 2005	0.28

Fundamentals

Market Cap WBD : $67.28B AAPL : $4.58T
EPS WBD : -$0.86 AAPL : $8.24
PS Ratio WBD : 1.81 AAPL : 10.23
PB Ratio WBD : 2.07 AAPL : 43.03
Total Revenue (TTM) WBD : $37.21B AAPL : $451.44B
Gross Profit (TTM) WBD : $15.43B AAPL : $216.07B
EBITDA (TTM) WBD : $9.00B AAPL : $153.63B

Return for Risk

WBD vs. AAPL — 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

AAPL

AAPL Risk / Return Rank: 89
AAPL Sharpe Ratio Rank: 91
AAPL Sortino Ratio Rank: 91
AAPL Omega Ratio Rank: 89
AAPL Calmar Ratio Rank: 87
AAPL Martin Ratio Rank: 86

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.

WBD vs. AAPL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Warner Bros. Discovery, Inc. (WBD) and Apple Inc (AAPL). 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.

	WBD	AAPL	Difference
Sharpe ratio: Return per unit of total volatility	3.65	2.40	+1.25
Sortino ratio: Return per unit of downside risk	5.54	3.36	+2.17
Omega ratio: Gain probability vs. loss probability	1.75	1.43	+0.32
Calmar ratio: Return relative to maximum drawdown	8.10	3.88	+4.23
Martin ratio: Return relative to average drawdown	23.77	9.76	+14.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WBD vs. AAPL - Sharpe Ratio Comparison

The current WBD Sharpe Ratio is 3.65, which is higher than the AAPL Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of WBD and AAPL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	WBD	AAPL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.65	2.40	+1.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.06	0.75	-0.80
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.01	1.05	-1.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.44	-0.29

Drawdowns

WBD vs. AAPL - Drawdown Comparison

The maximum WBD drawdown since its inception was -91.32%, which is greater than AAPL's maximum drawdown of -81.80%. Use the drawdown chart below to compare losses from any high point for WBD and AAPL.

Drawdown Indicators

	WBD	AAPL	Difference
Max Drawdown Largest peak-to-trough decline	-91.32%	-81.80%	-9.52%
Max Drawdown (1Y) Largest decline over 1 year	-21.31%	-13.80%	-7.51%
Max Drawdown (3Y) Largest decline over 3 years	-53.63%	-33.36%	-20.27%
Max Drawdown (5Y) Largest decline over 5 years	-78.73%	-33.36%	-45.37%
Max Drawdown (10Y) Largest decline over 10 years	-91.32%	-38.52%	-52.80%
Current Drawdown Current decline from peak	-65.06%	-1.57%	-63.49%
Average Drawdown Average peak-to-trough decline	-37.10%	-29.61%	-7.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.26%	5.47%	+1.79%

Volatility

WBD vs. AAPL - Volatility Comparison

The current volatility for Warner Bros. Discovery, Inc. (WBD) is 2.64%, while Apple Inc (AAPL) has a volatility of 5.46%. This indicates that WBD experiences smaller price fluctuations and is considered to be less risky than AAPL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WBD	AAPL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.64%	5.46%	-2.82%
Volatility (6M) Calculated over the trailing 6-month period	14.53%	15.91%	-1.38%
Volatility (1Y) Calculated over the trailing 1-year period	47.31%	22.32%	+24.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.75%	27.46%	+25.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.18%	28.89%	+18.29%

Dividends

WBD vs. AAPL - Dividend Comparison

WBD has not paid dividends to shareholders, while AAPL's dividend yield for the trailing twelve months is around 0.34%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAPL Apple Inc	0.34%	0.38%	0.40%	0.49%	0.70%	0.49%	0.61%	1.04%	1.79%	1.45%	1.93%	1.93%
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

WBD vs. AAPL - Profitability Comparison

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

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%.

AAPL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Apple Inc reported a gross profit of 54.78B and revenue of 111.18B. Therefore, the gross margin over that period was 49.3%.

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%.

AAPL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Apple Inc reported an operating income of 35.89B and revenue of 111.18B, resulting in an operating margin of 32.3%.

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%.

AAPL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Apple Inc reported a net income of 29.58B and revenue of 111.18B, resulting in a net margin of 26.6%.

Frequently Asked Questions

Can I hold both WBD and AAPL in my portfolio?

WBD and AAPL have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WBD or AAPL?

AAPL has higher volatility (5.46%) compared to WBD (2.64%). In terms of maximum drawdown, WBD dropped -91.32% vs AAPL's -81.80%.

Which has better risk-adjusted returns?

WBD currently has the higher Sharpe Ratio (3.65 vs 2.40), 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.