CHDN vs PENN: Correlation
Churchill Downs, Incorporated (CHDN) and PENN Entertainment, Inc. (PENN) show a moderate relationship: their 3-year correlation of weekly returns is 0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHDN and PENN?
Across a 3-year window, the weekly returns of CHDN and PENN correlate at 0.43, moderate. The relationship has been stable: the 1-year correlation (0.45) sits close to the 3-year figure. Stretching to 5 years gives 0.49, with an annualized covariance of 558.5 %².
Within CHDN's tracked universe of 11 assets, PENN comes in at #5 by 3-year correlation. Over the last 12 months PENN came out ahead by 5.2 percentage points (-18.2% against -13.0%). Risk is not evenly split, since PENN carries 1.7 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
CHDN vs PENN: side by side
| CHDN (Churchill Downs, Incorporated) | PENN (PENN Entertainment, Inc.) | |
|---|---|---|
| 1-year return | -18.2% | -13.0% |
| 5-year return | -16.1% | -78.7% |
| Volatility (ann.) | 27.4% | 47.0% |
| Beta vs S&P 500 | 0.72 | 1.50 |
| Max drawdown (3Y) | -43.9% | -55.8% |
| Market cap | $6.0B | $2.3B |
| P/E (trailing) | 14.9 | – |
| Dividend yield | 0.50% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHDN | PENN |
|---|---|---|
| 2022 | -12.0% | -42.7% |
| 2023 | +28.1% | -12.4% |
| 2024 | -0.7% | -23.8% |
| 2025 | -14.5% | -25.6% |
| 2026 | -24.0% | +17.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHDN and PENN good diversifiers for each other?
Reasonably. At 0.43, CHDN and PENN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CHDN and PENN?
As of 2026-08-27, the correlation of weekly returns between CHDN and PENN is 0.43 over 3 years, 0.45 over 1 year and 0.49 over 5 years.
Is PENN a good diversifier for CHDN?
Reasonably. At 0.43, CHDN and PENN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: CHDN correlations · PENN correlations
