AVNW vs. CHDN

Last updated Jun 4, 2026

AVNW (Aviat Networks, Inc.) and CHDN (Churchill Downs Incorporated) are both stocks. AVNW operates in Communication Equipment (Technology), while CHDN operates in Gambling (Consumer Cyclical). Over the past 10 years, AVNW returned 17.89%/yr vs 15.79%/yr for CHDN. At a 0.31 correlation, their price movements are largely independent.

Performance

AVNW vs. CHDN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aviat Networks, Inc. (AVNW) and Churchill Downs Incorporated (CHDN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVNW achieves a -18.52% return, which is significantly higher than CHDN's -24.42% return. Over the past 10 years, AVNW has outperformed CHDN with an annualized return of 17.89%, while CHDN has yielded a comparatively lower 15.79% annualized return.

AVNW

• 1D: -3.86%
• 1M: -23.06%
• YTD: -18.52%
• 6M: -17.40%
• 1Y: -22.75%
• 3Y*: -17.84%
• 5Y*: -14.06%
• 10Y*: 17.89%

CHDN

• 1D: -1.80%
• 1M: -6.22%
• YTD: -24.42%
• 6M: -22.65%
• 1Y: -8.05%
• 3Y*: -15.15%
• 5Y*: -2.62%
• 10Y*: 15.79%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AVNW vs. CHDN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AVNW Aviat Networks, Inc.	-18.52%	18.06%	-44.55%	4.71%	-2.77%	87.88%	143.06%	6.04%	-12.66%	9.69%
CHDN Churchill Downs Incorporated	-24.42%	-14.47%	-0.74%	28.06%	-11.95%	24.05%	42.47%	69.49%	5.47%	55.74%

Correlation

The correlation between AVNW and CHDN is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Jan 30, 2007	0.31

Over the past year, the correlation between AVNW and CHDN has dropped to 0.10 - well below their long-term average of 0.31, suggesting their price drivers have been diverging.

Fundamentals

Market Cap AVNW : $225.03M CHDN : $6.02B
EPS AVNW : $0.70 CHDN : $5.44
PE Ratio AVNW : 25.00 CHDN : 15.81
PS Ratio AVNW : 0.52 CHDN : 2.08
PB Ratio AVNW : 0.83 CHDN : 5.49
Total Revenue (TTM) AVNW : $434.14M CHDN : $2.95B
Gross Profit (TTM) AVNW : $140.51M CHDN : $793.10M
EBITDA (TTM) AVNW : $27.72M CHDN : $983.60M

Return for Risk

AVNW vs. CHDN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AVNW

AVNW Risk / Return Rank: 21
AVNW Sharpe Ratio Rank: 24
AVNW Sortino Ratio Rank: 26
AVNW Omega Ratio Rank: 25
AVNW Calmar Ratio Rank: 22
AVNW Martin Ratio Rank: 7

CHDN

CHDN Risk / Return Rank: 29
CHDN Sharpe Ratio Rank: 30
CHDN Sortino Ratio Rank: 26
CHDN Omega Ratio Rank: 27
CHDN Calmar Ratio Rank: 31
CHDN Martin Ratio Rank: 31

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AVNW vs. CHDN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aviat Networks, Inc. (AVNW) and Churchill Downs Incorporated (CHDN). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AVNW	CHDN	Difference
Sharpe ratio Return per unit of total volatility	-0.40	-0.25	-0.15
Sortino ratio Return per unit of downside risk	-0.19	-0.15	-0.03
Omega ratio Gain probability vs. loss probability	0.97	0.98	-0.01
Calmar ratio Return relative to maximum drawdown	-0.52	-0.28	-0.25
Martin ratio Return relative to average drawdown	-1.42	-0.50	-0.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AVNW vs. CHDN - Sharpe Ratio Comparison

The current AVNW Sharpe Ratio is -0.40, which is lower than the CHDN Sharpe Ratio of -0.25. The chart below compares the historical Sharpe Ratios of AVNW and CHDN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AVNW	CHDN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.40	-0.25	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.27	-0.08	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	0.42	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	-0.17	0.28	-0.45

Drawdowns

AVNW vs. CHDN - Drawdown Comparison

The maximum AVNW drawdown since its inception was -97.67%, which is greater than CHDN's maximum drawdown of -62.86%. Use the drawdown chart below to compare losses from any high point for AVNW and CHDN.

Drawdown Indicators

	AVNW	CHDN	Difference
Max Drawdown Largest peak-to-trough decline	-97.67%	-62.86%	-34.81%
Max Drawdown (1Y) Largest decline over 1 year	-43.57%	-29.36%	-14.21%
Max Drawdown (3Y) Largest decline over 3 years	-64.27%	-43.28%	-20.99%
Max Drawdown (5Y) Largest decline over 5 years	-67.30%	-43.72%	-23.58%
Max Drawdown (10Y) Largest decline over 10 years	-68.58%	-62.86%	-5.72%
Current Drawdown Current decline from peak	-86.86%	-41.73%	-45.13%
Average Drawdown Average peak-to-trough decline	-81.24%	-17.55%	-63.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.05%	16.10%	-0.05%

Volatility

AVNW vs. CHDN - Volatility Comparison

Aviat Networks, Inc. (AVNW) has a higher volatility of 44.03% compared to Churchill Downs Incorporated (CHDN) at 8.98%. This indicates that AVNW's price experiences larger fluctuations and is considered to be riskier than CHDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVNW	CHDN	Difference
Volatility (1M) Calculated over the trailing 1-month period	44.03%	8.98%	+35.05%
Volatility (6M) Calculated over the trailing 6-month period	52.43%	24.89%	+27.54%
Volatility (1Y) Calculated over the trailing 1-year period	56.56%	31.91%	+24.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.26%	32.42%	+19.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.05%	37.51%	+17.54%

Dividends

AVNW vs. CHDN - Dividend Comparison

AVNW has not paid dividends to shareholders, while CHDN's dividend yield for the trailing twelve months is around 0.51%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVNW Aviat Networks, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
CHDN Churchill Downs Incorporated	0.51%	0.38%	0.31%	0.28%	0.34%	0.28%	0.32%	0.42%	0.67%	0.65%	0.88%	0.81%

Financials

AVNW vs. CHDN - Profitability Comparison

The chart below illustrates the profitability comparison between Aviat Networks, Inc. and Churchill Downs Incorporated over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

AVNW - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Aviat Networks, Inc. reported a gross profit of 29.28M and revenue of 100.00M. Therefore, the gross margin over that period was 29.3%.

CHDN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Churchill Downs Incorporated reported a gross profit of 0.00 and revenue of 663.00M. Therefore, the gross margin over that period was 0.0%.

AVNW - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Aviat Networks, Inc. reported an operating income of 939.00K and revenue of 100.00M, resulting in an operating margin of 0.9%.

CHDN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Churchill Downs Incorporated reported an operating income of 143.00M and revenue of 663.00M, resulting in an operating margin of 21.6%.

AVNW - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Aviat Networks, Inc. reported a net income of -2.07M and revenue of 100.00M, resulting in a net margin of -2.1%.

CHDN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Churchill Downs Incorporated reported a net income of 83.00M and revenue of 663.00M, resulting in a net margin of 12.5%.

Frequently Asked Questions

Can I hold both AVNW and CHDN in my portfolio?

AVNW and CHDN have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVNW or CHDN?

AVNW has higher volatility (44.03%) compared to CHDN (8.98%). In terms of maximum drawdown, AVNW dropped -97.67% vs CHDN's -62.86%.

Which has better risk-adjusted returns?

CHDN currently has the higher Sharpe Ratio (-0.25 vs -0.40), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.