Step 1: Recall the moment of inertia of a disc about a diameter.
For a uniform disc of mass $M$ and radius $R$, the moment of inertia about a diameter is $I_{\text{disc}} = \frac{1}{4}MR^2$.
Step 2: Recall the moment of inertia of a solid sphere about a diameter.
For a uniform solid sphere of the same mass and radius, the moment of inertia about a diameter is $I_{\text{sphere}} = \frac{2}{5}MR^2$.
Step 3: Form the ratio and simplify.
Writing both fractions over a common denominator of 20 gives $I_{\text{disc}} = \frac{5}{20}MR^2$ and $I_{\text{sphere}} = \frac{8}{20}MR^2$, so the ratio of the numerators gives the answer directly.
\[ I_{\text{disc}} : I_{\text{sphere}} = 5:8 \]
\[ \boxed{5:8} \]