Earlier works by Nintendo can definitely be related to earlier works by Disney. However, Disney today continues to make masterpieces. Nintendo doesn't. While I can sit through Toy Story 3, Princess and the Frog and so many other Disney movies of today, I cannot stomach Skyward Sword or anything relatively new of Nintendo. I just don't know what it is.
Wow. Super Mario Galaxy, Kirby's Epic Yarn, and Donkey Kong Country Returns aren't masterpieces in your book? That's kind of hard to imagine.
The only Disney movie I've seen recently that approaches a "masterpiece" is Tangled. I actually thought that movie was better than The Little Mermaid. Other than that, I can't think of a single Disney movie in the past ten years or, hell, since The Lion King that's measured up to the early features or the Disney Renaissance. Pixar's great, but I don't quite count that as Disney.
On the other hand, Nintendo's been remarkably consistent. The Super Nintendo and Nintendo 64 were high points, sure, but the only notable low points in the past few years were Super Mario Sunshine and Twilight Princess--both of which, I think, were less than perfect because they were too far removed from the tone of their respective franchises (Twilight Princess, specifically, was way to obvious in its attempts to be Western).
Nintendo's best when it's being Nintendo--when it's appealing to the core sense of fun that drove its early success in arcades and in the console industry. Disney's at its best when it's not trying to be Dreamworks--it's best when it's following the template set by Walt Disney himself, specifically for feature films.
Nintendo is like Disney because Nintendo has given us Ocarina of Time and Disney has given us Beauty and the Beast. The parallels don't have much to do with trajectories. Nintendo's been far more consistent than Disney, with few bad games and no outright disasters, but it's also been relevant for a shorter amount of time.