Disney shares have been volatile this year, but they've trailed the market.In 2025, the S&P 500 has so far generated a 17% total return (as of Dec. 17). In the face of trade uncertainties and waning consumer confidence, this is a great performance for the broad index. Unfortunately, Walt Disney (DIS +1.21%) has lagged the benchmark with a total return of 1.4%.Disney is still a media and entertainment powerhouse with a wide economic moat. Here's what investors should watch as we head into 2026. Looking back ...