PENN vs. DKNG

Last updated Apr 2, 2026

Compare and contrast key facts about Penn National Gaming, Inc. (PENN) and DraftKings Inc. (DKNG).

Performance

PENN vs. DKNG - Performance Comparison

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

PENN vs. DKNG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PENN Penn National Gaming, Inc.	1.69%	-25.58%	-23.83%	-12.39%	-42.72%	-39.97%	512.55%
DKNG DraftKings Inc.	-35.69%	-7.37%	5.53%	209.48%	-58.54%	-41.00%	140.62%

Fundamentals

Market Cap PENN : $2.01B DKNG : $11.79B
EPS PENN : -$5.93 DKNG : $0.01
PS Ratio PENN : 0.31 DKNG : 1.94
PB Ratio PENN : 1.09 DKNG : 18.67
Total Revenue (TTM) PENN : $6.96B DKNG : $6.05B
Gross Profit (TTM) PENN : $1.64B DKNG : $2.95B
EBITDA (TTM) PENN : -$102.00M DKNG : $349.33M

Returns By Period

In the year-to-date period, PENN achieves a 1.69% return, which is significantly higher than DKNG's -35.69% return.

PENN

• 1D: -0.20%
• 1M: 1.01%
• YTD: 1.69%
• 6M: -21.47%
• 1Y: -7.06%
• 3Y*: -20.33%
• 5Y*: -32.56%
• 10Y*: -1.21%

DKNG

• 1D: 2.50%
• 1M: -6.97%
• YTD: -35.69%
• 6M: -36.97%
• 1Y: -33.23%
• 3Y*: 4.61%
• 5Y*: -18.83%
• 10Y*: —

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

Return for Risk

PENN vs. DKNG — Risk / Return Rank

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

PENN

PENN Risk / Return Rank: 34
PENN Sharpe Ratio Rank: 34
PENN Sortino Ratio Rank: 33
PENN Omega Ratio Rank: 33
PENN Calmar Ratio Rank: 35
PENN Martin Ratio Rank: 35

DKNG

DKNG Risk / Return Rank: 16
DKNG Sharpe Ratio Rank: 11
DKNG Sortino Ratio Rank: 14
DKNG Omega Ratio Rank: 14
DKNG Calmar Ratio Rank: 21
DKNG Martin Ratio Rank: 18

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. DKNG - Risk-Adjusted Trends Comparison

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

	PENN	DKNG	Difference
Sharpe ratio Return per unit of total volatility	-0.13	-0.70	+0.57
Sortino ratio Return per unit of downside risk	0.21	-0.80	+1.01
Omega ratio Gain probability vs. loss probability	1.03	0.90	+0.13
Calmar ratio Return relative to maximum drawdown	-0.19	-0.58	+0.39
Martin ratio Return relative to average drawdown	-0.38	-1.19	+0.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PENN vs. DKNG - Sharpe Ratio Comparison

The current PENN Sharpe Ratio is -0.13, which is higher than the DKNG Sharpe Ratio of -0.70. The chart below compares the historical Sharpe Ratios of PENN and DKNG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PENN	DKNG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.13	-0.70	+0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.61	-0.31	-0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.04	+0.14

Correlation

The correlation between PENN and DKNG is 0.55, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PENN vs. DKNG - Dividend Comparison

Neither PENN nor DKNG has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

PENN vs. DKNG - Drawdown Comparison

The maximum PENN drawdown since its inception was -92.79%, which is greater than DKNG's maximum drawdown of -85.73%. Use the drawdown chart below to compare losses from any high point for PENN and DKNG.

Drawdown Indicators

	PENN	DKNG	Difference
Max Drawdown Largest peak-to-trough decline	-92.79%	-85.73%	-7.06%
Max Drawdown (1Y) Largest decline over 1 year	-42.55%	-57.04%	+14.49%
Max Drawdown (5Y) Largest decline over 5 years	-89.06%	-83.90%	-5.16%
Max Drawdown (10Y) Largest decline over 10 years	-91.38%	—	—
Current Drawdown Current decline from peak	-89.01%	-69.21%	-19.80%
Average Drawdown Average peak-to-trough decline	-43.84%	-48.39%	+4.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.22%	27.89%	-6.67%

Volatility

PENN vs. DKNG - Volatility Comparison

Penn National Gaming, Inc. (PENN) has a higher volatility of 14.75% compared to DraftKings Inc. (DKNG) at 13.24%. This indicates that PENN's price experiences larger fluctuations and is considered to be riskier than DKNG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PENN	DKNG	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.75%	13.24%	+1.51%
Volatility (6M) Calculated over the trailing 6-month period	40.03%	37.22%	+2.81%
Volatility (1Y) Calculated over the trailing 1-year period	55.09%	47.44%	+7.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.73%	61.37%	-7.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.01%	63.65%	-2.64%

Financials

PENN vs. DKNG - Profitability Comparison

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

PENN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Penn National Gaming, Inc. reported a gross profit of 0.00 and revenue of 1.81B. Therefore, the gross margin over that period was 0.0%.

DKNG - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, DraftKings Inc. reported a gross profit of 914.69M and revenue of 1.99B. Therefore, the gross margin over that period was 46.0%.

PENN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Penn National Gaming, Inc. reported an operating income of -32.50M and revenue of 1.81B, resulting in an operating margin of -1.8%.

DKNG - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, DraftKings Inc. reported an operating income of 151.76M and revenue of 1.99B, resulting in an operating margin of 7.6%.

PENN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Penn National Gaming, Inc. reported a net income of -73.00M and revenue of 1.81B, resulting in a net margin of -4.0%.

DKNG - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, DraftKings Inc. reported a net income of 136.43M and revenue of 1.99B, resulting in a net margin of 6.9%.