Correlation Analysis
Warner Bros. Discovery, Inc. Series A Common Stock vs Exxon Mobil Corporation
WBD vs XOM
+0.409
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
Exxon Mobil Corporation
↗XOM
ExxonMobil is an integrated oil and gas company that explores for, produces, and refines oil worldwide. In 2025, it produced 3.3 million barrels of liquids and 8.4 billion cubic feet of natural gas per day. At the end of 2024, reserves were 19.9 billion barrels of oil equivalent, 69% of which were liquids. The company is one of the world's largest refiners, with a total global refining capacity of 4.3 million barrels of oil per day, and is one of the world's largest manufacturers of commodity and specialty chemicals.
Market cap 680.7B
Time Series
Relative Performance
Who Moves First
WBD leads XOM by 6 days
WBD tends to move before XOM.
After testing 13 timing shifts, the strongest relationship was +0.412 (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
-0.509
10 periods · Return correlation when both series rose
Both Falling
+0.409
7 periods · Return correlation when both series fell
Diverging
-0.680
18 periods · Return correlation when series moved apart
R-Squared
16.7%
Share of variance in one series explained by the other.
Trend Agreement
56.8%
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: [0.356, 0.459]
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
Exxon Mobil Corporation
XOM
Market cap 680.7B
Stock · 1,254 raw → 1,254 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
61
Estimated crossover points between normalized spreads.
Slope
0.9503
Linear regression slope.
Intercept
98.1284
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
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