Warner Bros. Discovery, Inc. Series A (WBD)
Daily ERM3 factor decomposition: how much of WBD's variance is explained by the market, its sector, and its subsector — and the ETF notionals that would neutralize each layer.
- Price
- —
- Market cap
- —
- 23-day vol
- —
- Sector proxy
- XLC
- Subsector proxy
- GGME
Risk DNA
Variance decomposition across market, sector, subsector, and stock-specific layers.
WBD carries 100% stock-specific risk against a peer average of 91% — more of what happens here is specific to this name than is typical for its cohort.
ETF hedge ratios
Dollars of ETF to short per $1 of WBD held — executable hedge weights, not regression betas. L1 hedges market only; L3 adds sector and subsector layers.
| Level | Market (SPY) | Sector (XLC) | Subsector (GGME) | Explained risk |
|---|---|---|---|---|
| L1 | — | — | — | — |
| L2 | — | — | — | — |
| L3 | — | — | — | — |
Data as of October 21, 2026. Updated daily from the ERM3 pipeline.
13F filers holding WBD
From the most recent quarterly 13F filings in our tracked filer universe, largest reported position first.
Browse every tracked 13F filer.
Go deeper on WBD
Ask the AI risk analyst for WBD's full history, peer comparison, or how it changes your portfolio's risk.