PENN vs. CARL-B.CO

Last updated Jun 13, 2026

PENN (Penn National Gaming, Inc.) and CARL-B.CO (Carlsberg A/S) are both stocks. PENN operates in Resorts & Casinos (Consumer Cyclical), while CARL-B.CO operates in Beverages - Brewers (Consumer Defensive). Over the past 10 years, PENN returned 4.00%/yr vs 6.33%/yr for CARL-B.CO. At a 0.15 correlation, their price movements are largely independent.

Performance

PENN vs. CARL-B.CO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Penn National Gaming, Inc. (PENN) and Carlsberg A/S (CARL-B.CO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PENN is traded in USD, while CARL-B.CO is traded in DKK. To make them comparable, the CARL-B.CO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, PENN achieves a 46.98% return, which is significantly higher than CARL-B.CO's 2.74% return. Over the past 10 years, PENN has underperformed CARL-B.CO with an annualized return of 4.00%, while CARL-B.CO has yielded a comparatively higher 6.33% annualized return.

PENN

• 1D: 2.22%
• 1M: 33.83%
• YTD: 46.98%
• 6M: 51.82%
• 1Y: 38.89%
• 3Y*: -6.65%
• 5Y*: -23.70%
• 10Y*: 4.00%

CARL-B.CO

• 1D: -1.16%
• 1M: 0.25%
• YTD: 2.74%
• 6M: 2.90%
• 1Y: -6.54%
• 3Y*: -2.45%
• 5Y*: -3.89%
• 10Y*: 6.33%

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

PENN vs. CARL-B.CO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PENN Penn National Gaming, Inc.	46.98%	-25.58%	-23.83%	-12.39%	-42.72%	-39.97%	237.91%	35.74%	-39.90%	127.19%
CARL-B.CO Carlsberg A/S	2.74%	40.69%	-21.16%	-2.77%	-20.64%	9.36%	11.41%	43.14%	-9.48%	41.27%

Correlation

The correlation between PENN and CARL-B.CO is 0.06, 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	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.10
Correlation (All Time) Calculated using the full available price history since Sep 11, 2007	0.15

The correlation between PENN and CARL-B.CO shifts across timeframes, from 0.05 (3 years) to 0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PENN vs. CARL-B.CO — Risk / Return Rank

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

PENN

PENN Risk / Return Rank: 61
PENN Sharpe Ratio Rank: 63
PENN Sortino Ratio Rank: 63
PENN Omega Ratio Rank: 60
PENN Calmar Ratio Rank: 60
PENN Martin Ratio Rank: 58

CARL-B.CO

CARL-B.CO Risk / Return Rank: 29
CARL-B.CO Sharpe Ratio Rank: 29
CARL-B.CO Sortino Ratio Rank: 25
CARL-B.CO Omega Ratio Rank: 25
CARL-B.CO Calmar Ratio Rank: 32
CARL-B.CO Martin Ratio Rank: 34

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.

PENN vs. CARL-B.CO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Penn National Gaming, Inc. (PENN) and Carlsberg A/S (CARL-B.CO). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PENN	CARL-B.CO	Difference
Sharpe ratio: Return per unit of total volatility	0.60	-0.30	+0.90
Sortino ratio: Return per unit of downside risk	1.30	-0.27	+1.57
Omega ratio: Gain probability vs. loss probability	1.15	0.97	+0.18
Calmar ratio: Return relative to maximum drawdown	0.74	-0.33	+1.07
Martin ratio: Return relative to average drawdown	1.43	-0.53	+1.97

PENN vs. CARL-B.CO - Sharpe Ratio Comparison

The current PENN Sharpe Ratio is 0.60, which is higher than the CARL-B.CO Sharpe Ratio of -0.30. The chart below compares the historical Sharpe Ratios of PENN and CARL-B.CO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PENN vs. CARL-B.CO - Drawdown Comparison

The maximum PENN drawdown since its inception was -91.38%, which is greater than CARL-B.CO's maximum drawdown of -77.22%. Use the drawdown chart below to compare losses from any high point for PENN and CARL-B.CO.

Drawdown Indicators

	PENN	CARL-B.CO	Difference
Max Drawdown Largest peak-to-trough decline	-91.38%	-77.22%	-14.16%
Max Drawdown (1Y) Largest decline over 1 year	-42.55%	-21.81%	-20.74%
Max Drawdown (3Y) Largest decline over 3 years	-57.42%	-40.58%	-16.84%
Max Drawdown (5Y) Largest decline over 5 years	-86.14%	-47.25%	-38.89%
Max Drawdown (10Y) Largest decline over 10 years	-91.38%	-47.25%	-44.13%
Current Drawdown Current decline from peak	-84.11%	-20.42%	-63.69%
Average Drawdown Average peak-to-trough decline	-33.91%	-20.02%	-13.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.12%	13.63%	+8.49%

Volatility

PENN vs. CARL-B.CO - Volatility Comparison

Penn National Gaming, Inc. (PENN) has a higher volatility of 16.21% compared to Carlsberg A/S (CARL-B.CO) at 7.56%. This indicates that PENN's price experiences larger fluctuations and is considered to be riskier than CARL-B.CO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PENN	CARL-B.CO	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.21%	7.56%	+8.65%
Volatility (6M) Calculated over the trailing 6-month period	42.22%	18.00%	+24.22%
Volatility (1Y) Calculated over the trailing 1-year period	52.75%	23.82%	+28.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.21%	25.35%	+28.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.49%	23.67%	+37.82%

Dividends

PENN vs. CARL-B.CO - Dividend Comparison

PENN has not paid dividends to shareholders, while CARL-B.CO's dividend yield for the trailing twelve months is around 3.44%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CARL-B.CO Carlsberg A/S	3.44%	3.23%	3.91%	3.19%	2.60%	1.95%	2.15%	1.81%	2.31%	1.34%	1.48%	1.47%
PENN Penn National Gaming, 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%

Financials

Frequently Asked Questions

Can I hold both PENN and CARL-B.CO in my portfolio?

PENN and CARL-B.CO have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.