WBD vs. T

Last updated Jul 14, 2026

WBD (Warner Bros. Discovery, Inc.) and T (AT&T Inc.) are both stocks. Both are in the Communication Services sector — WBD in Entertainment, T in Telecom Services. Over the past 10 years, WBD returned 0.78%/yr vs 1.81%/yr for T. At a 0.33 correlation, their price movements are largely independent.

Performance

WBD vs. T - Performance Comparison

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

Returns By Period

In the year-to-date period, WBD achieves a -6.00% return, which is significantly higher than T's -10.13% return. Over the past 10 years, WBD has underperformed T with an annualized return of 0.78%, while T has yielded a comparatively higher 1.81% annualized return.

WBD

• 1D: 1.88%
• 1M: 0.41%
• 6M: -4.61%
• YTD: -6.00%
• 1Y: 130.95%
• 3Y*: 29.76%
• 5Y*: -1.18%
• 10Y*: 0.78%

T

• 1D: 1.99%
• 1M: -7.39%
• 6M: -7.05%
• YTD: -10.13%
• 1Y: -16.34%
• 3Y*: 20.29%
• 5Y*: 6.14%
• 10Y*: 1.81%

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

WBD vs. T - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WBD Warner Bros. Discovery, Inc.	-6.00%	172.66%	-7.12%	20.04%	-59.73%	-21.77%	-8.09%	32.34%	10.55%	-18.35%
T AT&T Inc.	-10.13%	13.97%	44.08%	-2.74%	5.76%	-8.09%	-21.37%	45.55%	-22.25%	-4.01%

Correlation

The correlation between WBD and T 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	0.25
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jul 8, 2005	0.33

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

Fundamentals

Market Cap WBD : $67.92B T : $149.84B
EPS WBD : -$0.86 T : $3.05
PS Ratio WBD : 1.82 T : 1.23
Total Revenue (TTM) WBD : $37.21B T : $125.65B
Gross Profit (TTM) WBD : $15.43B T : $105.41B
EBITDA (TTM) WBD : $9.00B T : $54.70B

Return for Risk

WBD vs. T — 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

T

T Risk / Return Rank: 16
T Sharpe Ratio Rank: 14
T Sortino Ratio Rank: 15
T Omega Ratio Rank: 16
T Calmar Ratio Rank: 24
T Martin Ratio Rank: 12

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. T - Risk-Adjusted Trends Comparison

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

	WBD	T	Difference
Sharpe ratio: Return per unit of total volatility	2.87	-0.70	+3.57
Sortino ratio: Return per unit of downside risk	4.89	-0.87	+5.76
Omega ratio: Gain probability vs. loss probability	1.66	0.90	+0.76
Calmar ratio: Return relative to maximum drawdown	6.18	-0.57	+6.75
Martin ratio: Return relative to average drawdown	16.29	-1.31	+17.60

WBD vs. T - Sharpe Ratio Comparison

The current WBD Sharpe Ratio is 2.87, which is higher than the T Sharpe Ratio of -0.70. The chart below compares the historical Sharpe Ratios of WBD and T, 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

WBD vs. T - Drawdown Comparison

The maximum WBD drawdown since its inception was -91.32%, which is greater than T's maximum drawdown of -64.15%. Use the drawdown chart below to compare losses from any high point for WBD and T.

Drawdown Indicators

	WBD	T	Difference
Max Drawdown Largest peak-to-trough decline	-91.32%	-64.15%	-27.17%
Max Drawdown (1Y) Largest decline over 1 year	-21.31%	-28.89%	+7.58%
Max Drawdown (3Y) Largest decline over 3 years	-53.63%	-28.89%	-24.74%
Max Drawdown (5Y) Largest decline over 5 years	-78.48%	-32.01%	-46.47%
Max Drawdown (10Y) Largest decline over 10 years	-91.32%	-42.35%	-48.97%
Current Drawdown Current decline from peak	-64.94%	-24.17%	-40.77%
Average Drawdown Average peak-to-trough decline	-37.24%	-15.73%	-21.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.07%	12.52%	-4.45%

Volatility

WBD vs. T - Volatility Comparison

The current volatility for Warner Bros. Discovery, Inc. (WBD) is 6.05%, while AT&T Inc. (T) has a volatility of 10.00%. This indicates that WBD experiences smaller price fluctuations and is considered to be less risky than T based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WBD	T	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.05%	10.00%	-3.95%
Volatility (6M) Calculated over the trailing 6-month period	10.97%	19.81%	-8.84%
Volatility (1Y) Calculated over the trailing 1-year period	45.93%	23.52%	+22.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.68%	24.36%	+28.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.09%	23.90%	+23.19%

Dividends

WBD vs. T - Dividend Comparison

WBD has not paid dividends to shareholders, while T's dividend yield for the trailing twelve months is around 5.15%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
T AT&T Inc.	5.15%	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 WBD and T in my portfolio?

WBD and T 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, WBD or T?

T has higher volatility (10.00%) compared to WBD (6.05%). In terms of maximum drawdown, WBD dropped -91.32% vs T's -64.15%.

Which has better risk-adjusted returns?

WBD currently has the higher Sharpe Ratio (2.87 vs -0.70), 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.