Correlation Analysis
NetFlix Inc vs Warner Bros. Discovery, Inc. Series A Common Stock
NFLX vs WBD
+0.143
Weak positive
When one moves up, the other tends to follow.
NetFlix Inc
↗NFLX
Netflix's relatively simple business model involves only one business, its streaming service. It has the biggest television entertainment subscriber base in both the United States and the collective international market, with more than 300 million subscribers globally. Netflix has exposure to nearly the entire global population outside of China. The firm has traditionally avoided a regular slate of live programming or sports content, instead focusing on on-demand access to episodic television, movies, and documentaries. The firm introduced ad-supported subscription plans in 2022, giving the firm exposure to the advertising market in addition to the subscription fees that have historically accounted for nearly all its revenue.
Market cap 417.7B
Warner Bros. Discovery, Inc. Series A Common Stock
↗WBD
Warner Bros. Discovery operates in three segments: streaming, studios, and linear networks. The streaming business includes HBO Max, which is rapidly increasing its international footprint in addition to its major presence in the US. Studios include industry leaders in both film and television, which produce movies and television series that are monetized in multiple ways, including theatrical release, sales to third parties, and feeding into Warner's own platforms. Global networks consist of basic cable networks like CNN, TNT, TBS, Discovery, HGTV, and The Food Network. The Discovery+ streaming service will remain part of global networks.
Market cap 68.7B · 35,500 employees
Time Series
Relative Performance
Who Moves First
NFLX leads WBD by 6 days
NFLX tends to move before WBD.
After testing 13 timing shifts, the strongest relationship was +0.181 (they moved in the same direction).
Do They Crash Together?
Correlation by Market Regime
How these series behave when markets are rising, falling, or diverging. A correlation that holds in drawdowns is very different from one that only works in rallies.
Both Rising
+0.173
9 periods · Return correlation when both series rose
Both Falling
+0.584
7 periods · Return correlation when both series fell
Diverging
-0.648
19 periods · Return correlation when series moved apart
R-Squared
2.0%
Share of variance in one series explained by the other.
Trend Agreement
59.4%
How often both series moved in the same direction period-to-period.
Overlap Quality
1,000
Deep shared window — 1,000 usable pairs.
Significance
p < 0.001
95% CI: [0.082, 0.203]
Scatter
XY Regression
Pipeline
Data quality details
Pipeline
Data quality details
Pipeline Summary
1,000 paired data points survived the daily window.
Raw input
1,254
1,000
Normalized
1,254
1,000
Prepared
1,254
1,000
Aligned
1,000
1,000
Invalid removed
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
254
A: 254 / B: 0
Series A
NetFlix Inc
NFLX
Market cap 417.7B
Stock · 1,254 raw → 1,254 prepared
Series B
Warner Bros. Discovery, Inc. Series A Common Stock
WBD
Market cap 68.7B · 35,500 employees
Stock · 1,000 raw → 1,000 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
5
Estimated crossover points between normalized spreads.
Slope
0.0244
Linear regression slope.
Intercept
11.7465
Linear regression intercept.
Related Extremes
Highest and Lowest Correlated
NFLX
NetFlix Inc
Highest
+0.928
Royal Caribbean Group
RCL · 1,254 data points
Lowest
-0.813
United Parcel Service, Inc. Class B
UPS · 1,254 data points
WBD
Warner Bros. Discovery, Inc. Series A Common Stock
Highest
+0.880
Johnson & Johnson
JNJ · 1,000 data points
Lowest
+0.077
Microsoft Corp
MSFT · 1,000 data points
Saved 7 hours ago · ID: stock-nflx-vs-stock-wbd-daily