DraftKings Correlations

DKNG Stock

USD 38.54 1.63 4.42%

The current 90-days correlation between DraftKings and Light Wonder is 0.24 (i.e., Modest 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

Modest diversification

The correlation between DraftKings and DJI is 0.27 (i.e., Modest 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.

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

0.75	WH	Wyndham Hotels Resorts	Pair Corr
0.67	EVRI	Everi Holdings	Pair Corr
0.79	FLUT	Flutter Entertainment plc	Pair Corr
0.76	BYD	Boyd Gaming	Pair Corr
0.62	CSV	Carriage Services	Pair Corr
0.66	CZR	Caesars Entertainment	Pair Corr
0.65	DPZ	Dominos Pizza Common	Pair Corr
0.7	FAT	FAT Brands	Pair Corr
0.7	FLL	Full House Resorts	Pair Corr
0.8	GHG	GreenTree Hospitality Earnings Call This Week	Pair Corr
0.72	HGV	Hilton Grand Vacations	Pair Corr
0.76	HLT	Hilton Worldwide Holdings	Pair Corr

Moving against DraftKings Stock

0.42	EJH	E Home Household	Pair Corr
0.34	SG	Sweetgreen	Pair Corr
0.32	WW	WW International	Pair Corr
0.58	HDL	SUPER HI INTERNATIONAL	Pair Corr
0.41	MTN	Vail Resorts	Pair Corr
0.39	GAN	Gan	Pair Corr
0.38	LVS	Las Vegas Sands	Pair Corr
0.36	MSC	Studio City International	Pair Corr

Related Correlations Analysis

	LNW	IGT	EVRI	AGS	ACEL	RSI	GMBL	PDYPY	INSE
LNW		0.3	0.68	0.6	0.03	-0.55	0.0	0.0	0.38	LNW
IGT	0.3		-0.05	-0.29	0.3	-0.05	0.0	0.0	0.12	IGT
EVRI	0.68	-0.05		0.88	0.35	-0.06	0.0	0.0	0.76	EVRI
AGS	0.6	-0.29	0.88		0.15	-0.12	0.0	0.0	0.61	AGS
ACEL	0.03	0.3	0.35	0.15		0.64	0.0	0.0	0.8	ACEL
RSI	-0.55	-0.05	-0.06	-0.12	0.64		0.0	0.0	0.43	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	0.38	0.12	0.76	0.61	0.8	0.43	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

AGS	+ 0.88	EVRI
INSE	+ 0.8	ACEL
INSE	+ 0.76	EVRI
EVRI	+ 0.68	LNW
RSI	+ 0.64	ACEL
INSE	+ 0.61	AGS

High negative correlations

RSI	- 0.55	LNW
AGS	- 0.29	IGT
RSI	- 0.12	AGS
RSI	- 0.06	EVRI
RSI	- 0.05	IGT
EVRI	- 0.05	IGT

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	1.55	0.28	0.15	0.17	1.68	(1.73)	4.28	(3.06)	15.12
IGT	1.27	(0.10)	0.00	(0.28)	0.00	0.00	1.86	(2.32)	6.02
EVRI	0.14	0.01	0.48	0.07	0.14	(0.16)	0.29	(0.22)	1.32
AGS	0.24	0.08	0.53	2.03	0.00	(0.31)	0.52	(0.35)	2.38
ACEL	1.43	(0.20)	0.00	(0.37)	0.00	0.00	2.90	(3.22)	12.11
RSI	2.88	(0.09)	0.00	(0.14)	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	1.97	0.08	0.00	(0.05)	0.00	0.00	4.23	(6.00)	12.37

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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