DraftKings Correlations

DKNG Stock

USD 34.95 1.29 3.56%

The current 90-days correlation between DraftKings and Wynn Resorts Limited is 0.25 (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 0.29 (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.

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 employment.

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

Moving together with DraftKings Stock

0.73	BYD	Boyd Gaming	Pair Corr
0.83	CZR	Caesars Entertainment	Pair Corr
0.87	RSI	Rush Street Interactive	Pair Corr
0.67	WMT	Walmart Common Stock	Pair Corr

Moving against DraftKings Stock

0.32

Procter Gamble

Pair Corr

Related Correlations Analysis

	WYNN	HMC	W	RIVN	YUMC	NIO	MGA	DPZ	BBY	PKG
WYNN		-0.07	0.42	0.38	0.35	-0.29	0.37	0.44	-0.06	-0.04	WYNN
HMC	-0.07		-0.53	-0.48	-0.53	0.58	-0.36	0.17	0.56	0.46	HMC
W	0.42	-0.53		0.56	0.6	-0.5	0.59	-0.09	-0.22	-0.45	W
RIVN	0.38	-0.48	0.56		0.81	-0.83	0.91	0.49	-0.73	0.07	RIVN
YUMC	0.35	-0.53	0.6	0.81		-0.92	0.74	0.42	-0.57	-0.14	YUMC
NIO	-0.29	0.58	-0.5	-0.83	-0.92		-0.73	-0.46	0.67	0.17	NIO
MGA	0.37	-0.36	0.59	0.91	0.74	-0.73		0.48	-0.68	0.15	MGA
DPZ	0.44	0.17	-0.09	0.49	0.42	-0.46	0.48		-0.38	0.45	DPZ
BBY	-0.06	0.56	-0.22	-0.73	-0.57	0.67	-0.68	-0.38		-0.18	BBY
PKG	-0.04	0.46	-0.45	0.07	-0.14	0.17	0.15	0.45	-0.18		PKG
	WYNN	HMC	W	RIVN	YUMC	NIO	MGA	DPZ	BBY	PKG

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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

MGA	+ 0.91	RIVN
YUMC	+ 0.81	RIVN
MGA	+ 0.74	YUMC
BBY	+ 0.67	NIO
YUMC	+ 0.6	W
MGA	+ 0.59	W

High negative correlations

NIO	- 0.92	YUMC
NIO	- 0.83	RIVN
MGA	- 0.73	NIO
BBY	- 0.73	RIVN
BBY	- 0.68	MGA
BBY	- 0.57	YUMC

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
WYNN	1.81	(0.17)	0.00	(0.28)	0.00	0.00	3.43	(3.66)	10.09
HMC	1.09	(0.13)	0.00	(0.06)	0.00	0.00	1.79	(2.54)	6.24
W	2.84	0.33	0.10	0.72	2.87	(3.50)	6.66	(4.90)	31.06
RIVN	3.12	0.50	0.18	0.35	2.80	(3.74)	10.70	(5.25)	31.17
YUMC	1.07	0.15	0.06	0.78	1.13	(1.16)	2.39	(1.83)	5.51
NIO	2.54	(0.83)	0.00	(0.54)	0.00	0.00	4.59	(5.82)	14.72
MGA	1.32	0.17	0.10	0.24	1.46	(1.41)	3.67	(2.63)	9.62
DPZ	1.09	(0.11)	0.00	(0.32)	0.00	0.00	2.57	(1.97)	7.17
BBY	1.53	(0.22)	0.00	(0.03)	0.00	0.00	3.36	(2.63)	13.01
PKG	1.10	(0.09)	0.00	(0.02)	0.00	0.00	2.37	(2.19)	8.20

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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