CHDN vs. AVNW

Last updated Jun 3, 2026

CHDN (Churchill Downs Incorporated) and AVNW (Aviat Networks, Inc.) are both stocks. CHDN operates in Gambling (Consumer Cyclical), while AVNW operates in Communication Equipment (Technology). Over the past 10 years, CHDN returned 16.00%/yr vs 18.35%/yr for AVNW. At a 0.31 correlation, their price movements are largely independent.

Performance

CHDN vs. AVNW - Performance Comparison

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

Returns By Period

In the year-to-date period, CHDN achieves a -23.03% return, which is significantly lower than AVNW's -15.25% return. Over the past 10 years, CHDN has underperformed AVNW with an annualized return of 16.00%, while AVNW has yielded a comparatively higher 18.35% annualized return.

CHDN

• 1D: -2.44%
• 1M: -11.22%
• YTD: -23.03%
• 6M: -20.79%
• 1Y: -5.24%
• 3Y*: -14.63%
• 5Y*: -2.04%
• 10Y*: 16.00%

AVNW

• 1D: 1.85%
• 1M: -21.63%
• YTD: -15.25%
• 6M: -12.76%
• 1Y: -16.15%
• 3Y*: -16.75%
• 5Y*: -12.44%
• 10Y*: 18.35%

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

CHDN vs. AVNW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CHDN Churchill Downs Incorporated	-23.03%	-14.47%	-0.74%	28.06%	-11.95%	24.05%	42.47%	69.49%	5.47%	55.74%
AVNW Aviat Networks, Inc.	-15.25%	18.06%	-44.55%	4.71%	-2.77%	87.88%	143.06%	6.04%	-12.66%	9.69%

Correlation

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

Fundamentals

Market Cap CHDN : $6.13B AVNW : $234.07M
EPS CHDN : $5.44 AVNW : $0.70
PE Ratio CHDN : 16.10 AVNW : 26.01
PS Ratio CHDN : 2.12 AVNW : 0.54
PB Ratio CHDN : 5.59 AVNW : 0.86
Total Revenue (TTM) CHDN : $2.95B AVNW : $434.14M
Gross Profit (TTM) CHDN : $793.10M AVNW : $140.51M
EBITDA (TTM) CHDN : $983.60M AVNW : $27.72M

Return for Risk

CHDN vs. AVNW — Risk / Return Rank

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

CHDN

CHDN Risk / Return Rank: 31
CHDN Sharpe Ratio Rank: 34
CHDN Sortino Ratio Rank: 29
CHDN Omega Ratio Rank: 29
CHDN Calmar Ratio Rank: 31
CHDN Martin Ratio Rank: 32

AVNW

AVNW Risk / Return Rank: 27
AVNW Sharpe Ratio Rank: 28
AVNW Sortino Ratio Rank: 30
AVNW Omega Ratio Rank: 29
AVNW Calmar Ratio Rank: 28
AVNW Martin Ratio Rank: 20

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.

CHDN vs. AVNW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Churchill Downs Incorporated (CHDN) and Aviat Networks, Inc. (AVNW). 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.

	CHDN	AVNW	Difference
Sharpe ratio Return per unit of total volatility	-0.17	-0.29	+0.12
Sortino ratio Return per unit of downside risk	-0.02	-0.00	-0.01
Omega ratio Gain probability vs. loss probability	1.00	1.00	0.00
Calmar ratio Return relative to maximum drawdown	-0.27	-0.36	+0.09
Martin ratio Return relative to average drawdown	-0.49	-0.98	+0.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CHDN vs. AVNW - Sharpe Ratio Comparison

The current CHDN Sharpe Ratio is -0.17, which is higher than the AVNW Sharpe Ratio of -0.29. The chart below compares the historical Sharpe Ratios of CHDN and AVNW, 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

	CHDN	AVNW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.17	-0.29	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.06	-0.24	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.33	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	-0.16	+0.44

Drawdowns

CHDN vs. AVNW - Drawdown Comparison

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

Drawdown Indicators

	CHDN	AVNW	Difference
Max Drawdown Largest peak-to-trough decline	-62.86%	-97.67%	+34.81%
Max Drawdown (1Y) Largest decline over 1 year	-29.36%	-43.57%	+14.21%
Max Drawdown (3Y) Largest decline over 3 years	-43.28%	-64.27%	+20.99%
Max Drawdown (5Y) Largest decline over 5 years	-43.72%	-67.30%	+23.58%
Max Drawdown (10Y) Largest decline over 10 years	-62.86%	-68.58%	+5.72%
Current Drawdown Current decline from peak	-40.66%	-86.33%	+45.67%
Average Drawdown Average peak-to-trough decline	-17.55%	-81.24%	+63.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.01%	15.90%	+0.11%

Volatility

CHDN vs. AVNW - Volatility Comparison

The current volatility for Churchill Downs Incorporated (CHDN) is 11.32%, while Aviat Networks, Inc. (AVNW) has a volatility of 43.95%. This indicates that CHDN experiences smaller price fluctuations and is considered to be less risky than AVNW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CHDN	AVNW	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.32%	43.95%	-32.63%
Volatility (6M) Calculated over the trailing 6-month period	24.90%	52.42%	-27.52%
Volatility (1Y) Calculated over the trailing 1-year period	31.98%	56.43%	-24.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.42%	52.24%	-19.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.51%	55.04%	-17.53%

Dividends

CHDN vs. AVNW - Dividend Comparison

CHDN's dividend yield for the trailing twelve months is around 0.50%, while AVNW has not paid dividends to shareholders.

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	0.50%	0.38%	0.31%	0.28%	0.34%	0.28%	0.32%	0.42%	0.67%	0.65%	0.88%	0.81%

Financials

CHDN vs. AVNW - Profitability Comparison

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

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 - 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 - 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 - 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 - 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%.

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%.

Frequently Asked Questions

Can I hold both CHDN and AVNW in my portfolio?

CHDN and AVNW 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, CHDN or AVNW?

AVNW has higher volatility (43.95%) compared to CHDN (11.32%). In terms of maximum drawdown, CHDN dropped -62.86% vs AVNW's -97.67%.

Which has better risk-adjusted returns?

CHDN currently has the higher Sharpe Ratio (-0.17 vs -0.29), 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.