DraftKings Correlations

DKNG Stock

USD 34.25 0.99 2.98%

The current 90-days correlation between DraftKings and Light Wonder is 0.48 (i.e., Very weak diversification). The correlation of DraftKings is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

DraftKings Correlation With Market

Very weak diversification

The correlation between DraftKings and DJI is 0.55 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding DraftKings and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with DraftKings Stock

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in DraftKings. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

For more detail on how to invest in DraftKings Stock please use our How to Invest in DraftKings guide.

Moving together with DraftKings Stock

0.8	H	Hyatt Hotels Earnings Call This Week	Pair Corr
0.72	BH	Biglari Holdings Earnings Call This Week	Pair Corr
0.73	EM	Smart Share Global	Pair Corr
0.92	WH	Wyndham Hotels Resorts	Pair Corr
0.64	WW	WW International	Pair Corr
0.87	DNUT	Krispy Kreme	Pair Corr
0.88	EXPE	Expedia Group	Pair Corr
0.66	WYNN	Wynn Resorts Limited Earnings Call This Week	Pair Corr
0.94	FLUT	Flutter Entertainment plc	Pair Corr
0.89	BYD	Boyd Gaming	Pair Corr
0.84	CCL	Carnival Aggressive Push	Pair Corr
0.85	CHH	Choice Hotels Intern Earnings Call This Week	Pair Corr
0.69	CMG	Chipotle Mexican Grill	Pair Corr
0.63	CSV	Carriage Services	Pair Corr
0.83	CUK	Carnival Plc ADS	Pair Corr
0.91	CZR	Caesars Entertainment	Pair Corr
0.73	DIN	Dine Brands Global Earnings Call This Week	Pair Corr
0.86	FAT	FAT Brands	Pair Corr
0.88	FLL	Full House Resorts Earnings Call This Week	Pair Corr
0.88	FUN	Six Flags Entertainment	Pair Corr
0.88	GHG	GreenTree Hospitality	Pair Corr
0.74	FTDR	Frontdoor Buyout Trend	Pair Corr
0.88	HGV	Hilton Grand Vacations Earnings Call This Week	Pair Corr
0.89	HLT	Hilton Worldwide Holdings	Pair Corr
0.71	IGT	International Game	Pair Corr
0.85	IHG	InterContinental Hotels	Pair Corr

Moving against DraftKings Stock

0.58	EJH	E Home Household	Pair Corr
0.67	HRB	HR Block	Pair Corr
0.44	MCD	McDonalds	Pair Corr

Related Correlations Analysis

	LNW	IGT	EVRI	AGS	ACEL	RSI	GMBL	PDYPY	INSE
LNW		0.82	0.08	0.5	-0.04	-0.02	0.0	0.0	0.63	LNW
IGT	0.82		0.4	0.57	0.35	0.3	0.0	0.0	0.75	IGT
EVRI	0.08	0.4		0.49	0.37	0.22	0.0	0.0	0.09	EVRI
AGS	0.5	0.57	0.49		0.12	0.17	0.0	0.0	0.44	AGS
ACEL	-0.04	0.35	0.37	0.12		0.87	0.0	0.0	0.6	ACEL
RSI	-0.02	0.3	0.22	0.17	0.87		0.0	0.0	0.68	RSI
GMBL	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	GMBL
PDYPY	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	PDYPY
INSE	0.63	0.75	0.09	0.44	0.6	0.68	0.0	0.0		INSE
	LNW	IGT	EVRI	AGS	ACEL	RSI	GMBL	PDYPY	INSE

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

RSI	+ 0.87	ACEL
IGT	+ 0.82	LNW
INSE	+ 0.75	IGT
INSE	+ 0.68	RSI
INSE	+ 0.63	LNW
INSE	+ 0.6	ACEL

High negative correlations

ACEL	- 0.04	LNW
RSI	- 0.02	LNW
INSE	- 0.0	PDYPY
INSE	- 0.0	GMBL
PDYPY	- 0.0	GMBL
PDYPY	- 0.0	RSI

Risk-Adjusted Indicators

There is a big difference between DraftKings Stock performing well and DraftKings Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze DraftKings' multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
LNW	2.43	0.26	0.06	0.08	3.55	(2.40)	4.76	(5.81)	21.38
IGT	1.63	0.11	0.00	(0.02)	0.00	0.00	2.92	(2.95)	13.78
EVRI	0.27	0.06	0.35	0.22	0.34	(0.30)	0.73	(0.51)	2.10
AGS	0.24	0.02	0.33	0.08	0.30	(0.27)	0.50	(0.67)	1.85
ACEL	1.66	0.00	0.00	(0.11)	0.00	0.00	2.90	(3.61)	14.34
RSI	3.08	(0.06)	0.00	(0.16)	0.00	0.00	4.96	(8.51)	21.43
GMBL	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PDYPY	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
INSE	3.01	(0.09)	0.00	(0.16)	0.00	0.00	5.50	(6.49)	21.59

DraftKings Corporate Management

Alan Ellingson	SVP Analytics	Profile
Lori Kalani	Chief Officer	Profile
Jason Robins	Chairman CoFounder	Profile
Brian Angiolet	Chief Officer	Profile
Joseph DeCristofaro	Vice Relations	Profile

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