Correlation Analysis
Warner Bros. Discovery, Inc. Series A Common Stock vs Walmart Inc. Common Stock
WBD vs WMT
+0.453
Moderate positive
When one moves up, the other tends to follow.
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
Walmart Inc. Common Stock
↗WMT
Since its founding in 1962, Walmart has become the world's largest retailer, operating over 10,700 stores globally (including 4,600 namesake locations on its home turf and another 600 Sam's Club outlets) and growing its e-commerce presence, attracting 270 million customers weekly. In aggregate, the firm posted more than $680 billion in fiscal 2025 sales. Its core operations span three reporting segments: Walmart US (68% of fiscal 2025 sales), Walmart International (18%), and Sam's Club (14%). Within the US, nearly 60% of its $465 billion in fiscal 2025 revenue came from its grocery offerings, with another quarter from general merchandise. Internationally, Walmart's operations are concentrated in Mexico, though it also has budding exposure to India.
Market cap 1T
Time Series
Relative Performance
Who Moves First
WMT leads WBD by 6 days
WMT tends to move before WBD.
After testing 13 timing shifts, the strongest relationship was +0.474 (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
+0.360
11 periods · Return correlation when both series rose
Both Falling
+0.899
6 periods · Return correlation when both series fell
Diverging
-0.358
18 periods · Return correlation when series moved apart
R-Squared
20.5%
Share of variance in one series explained by the other.
Trend Agreement
53.2%
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: [0.402, 0.501]
Scatter
XY Regression
Pipeline
Data quality details
Pipeline
Data quality details
Pipeline Summary
1,000 paired data points survived the daily window.
Raw input
1,000
1,254
Normalized
1,000
1,254
Prepared
1,000
1,254
Aligned
1,000
1,000
Invalid removed
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
254
A: 0 / B: 254
Series A
Warner Bros. Discovery, Inc. Series A Common Stock
WBD
Market cap 68.7B · 35,500 employees
Stock · 1,000 raw → 1,000 prepared
Series B
Walmart Inc. Common Stock
WMT
Market cap 1T
Stock · 1,254 raw → 1,254 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
3
Estimated crossover points between normalized spreads.
Slope
2.0233
Linear regression slope.
Intercept
44.6397
Linear regression intercept.
Related Extremes
Highest and Lowest Correlated
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 6 hours ago · ID: stock-wbd-vs-stock-wmt-daily