DKNG vs. PENN

Last updated Jun 3, 2026

DKNG (DraftKings Inc.) and PENN (Penn National Gaming, Inc.) are both stocks. Both are in the Consumer Cyclical sector — DKNG in Gambling, PENN in Resorts & Casinos. Over the past 5 years, DKNG returned -12.64%/yr vs -24.07%/yr for PENN. A 0.55 correlation means they provide meaningful diversification when combined.

Performance

DKNG vs. PENN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DraftKings Inc. (DKNG) and Penn National Gaming, Inc. (PENN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DKNG achieves a -26.58% return, which is significantly lower than PENN's 36.34% return.

DKNG

• 1D: -3.91%
• 1M: 10.00%
• YTD: -26.58%
• 6M: -24.72%
• 1Y: -24.99%
• 3Y*: 0.51%
• 5Y*: -12.64%
• 10Y*: —

PENN

• 1D: -0.64%
• 1M: 16.44%
• YTD: 36.34%
• 6M: 36.90%
• 1Y: 36.06%
• 3Y*: -8.68%
• 5Y*: -24.07%
• 10Y*: 2.67%

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

DKNG vs. PENN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DKNG DraftKings Inc.	-26.58%	-7.37%	5.53%	209.48%	-58.54%	-41.00%	140.62%
PENN Penn National Gaming, Inc.	36.34%	-25.58%	-23.83%	-12.39%	-42.72%	-39.97%	512.55%

Correlation

The correlation between DKNG and PENN is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (All Time) Calculated using the full available price history since Apr 27, 2020	0.55

The correlation between DKNG and PENN shifts across timeframes, from 0.42 (3 years) to 0.55 (all time), reflecting how their relationship changes across market environments.

Fundamentals

EPS DKNG : $0.15 PENN : -$6.84
PS Ratio DKNG : 1.60 PENN : 0.40
Total Revenue (TTM) DKNG : $6.29B PENN : $7.07B
Gross Profit (TTM) DKNG : $2.63B PENN : $2.10B
EBITDA (TTM) DKNG : $319.39M PENN : -$131.70M

Return for Risk

DKNG vs. PENN — Risk / Return Rank

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

DKNG

DKNG Risk / Return Rank: 20
DKNG Sharpe Ratio Rank: 17
DKNG Sortino Ratio Rank: 19
DKNG Omega Ratio Rank: 19
DKNG Calmar Ratio Rank: 22
DKNG Martin Ratio Rank: 23

PENN

PENN Risk / Return Rank: 60
PENN Sharpe Ratio Rank: 63
PENN Sortino Ratio Rank: 62
PENN Omega Ratio Rank: 59
PENN Calmar Ratio Rank: 58
PENN Martin Ratio Rank: 57

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.

DKNG vs. PENN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DraftKings Inc. (DKNG) and Penn National Gaming, Inc. (PENN). 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.

	DKNG	PENN	Difference
Sharpe ratio Return per unit of total volatility	-0.53	0.69	-1.22
Sortino ratio Return per unit of downside risk	-0.49	1.41	-1.89
Omega ratio Gain probability vs. loss probability	0.94	1.17	-0.23
Calmar ratio Return relative to maximum drawdown	-0.52	0.84	-1.35
Martin ratio Return relative to average drawdown	-0.85	1.61	-2.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DKNG vs. PENN - Sharpe Ratio Comparison

The current DKNG Sharpe Ratio is -0.53, which is lower than the PENN Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of DKNG and PENN, 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

	DKNG	PENN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.53	0.69	-1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.21	-0.45	+0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.04	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.29	-0.22

Drawdowns

DKNG vs. PENN - Drawdown Comparison

The maximum DKNG drawdown since its inception was -85.73%, smaller than the maximum PENN drawdown of -91.38%. Use the drawdown chart below to compare losses from any high point for DKNG and PENN.

Drawdown Indicators

	DKNG	PENN	Difference
Max Drawdown Largest peak-to-trough decline	-85.73%	-91.38%	+5.65%
Max Drawdown (1Y) Largest decline over 1 year	-57.04%	-42.55%	-14.49%
Max Drawdown (3Y) Largest decline over 3 years	-61.26%	-57.42%	-3.84%
Max Drawdown (5Y) Largest decline over 5 years	-83.87%	-86.14%	+2.27%
Max Drawdown (10Y) Largest decline over 10 years	—	-91.38%	—
Current Drawdown Current decline from peak	-64.85%	-85.26%	+20.41%
Average Drawdown Average peak-to-trough decline	-48.90%	-33.87%	-15.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.54%	22.11%	+12.43%

Volatility

DKNG vs. PENN - Volatility Comparison

The current volatility for DraftKings Inc. (DKNG) is 14.68%, while Penn National Gaming, Inc. (PENN) has a volatility of 16.19%. This indicates that DKNG experiences smaller price fluctuations and is considered to be less risky than PENN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DKNG	PENN	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.68%	16.19%	-1.51%
Volatility (6M) Calculated over the trailing 6-month period	35.27%	41.60%	-6.33%
Volatility (1Y) Calculated over the trailing 1-year period	47.38%	52.49%	-5.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.14%	54.14%	+7.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.25%	61.47%	+1.78%

Dividends

DKNG vs. PENN - Dividend Comparison

Neither DKNG nor PENN has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

DKNG vs. PENN - Profitability Comparison

The chart below illustrates the profitability comparison between DraftKings Inc. and Penn National Gaming, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

DKNG - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, DraftKings Inc. reported a gross profit of 696.69M and revenue of 1.65B. Therefore, the gross margin over that period was 42.3%.

PENN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Penn National Gaming, Inc. reported a gross profit of 524.80M and revenue of 1.78B. Therefore, the gross margin over that period was 29.5%.

DKNG - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, DraftKings Inc. reported an operating income of 5.85M and revenue of 1.65B, resulting in an operating margin of 0.4%.

PENN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Penn National Gaming, Inc. reported an operating income of 97.10M and revenue of 1.78B, resulting in an operating margin of 5.5%.

DKNG - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, DraftKings Inc. reported a net income of 21.07M and revenue of 1.65B, resulting in a net margin of 1.3%.

PENN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Penn National Gaming, Inc. reported a net income of -2.30M and revenue of 1.78B, resulting in a net margin of -0.1%.

Frequently Asked Questions

Can I hold both DKNG and PENN in my portfolio?

DKNG and PENN have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DKNG or PENN?

PENN has higher volatility (16.19%) compared to DKNG (14.68%). In terms of maximum drawdown, DKNG dropped -85.73% vs PENN's -91.38%.

Which has better risk-adjusted returns?

PENN currently has the higher Sharpe Ratio (0.69 vs -0.53), 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.