CHWY vs PENN: Correlation
Chewy, Inc. (CHWY) and PENN Entertainment, Inc. (PENN) show a moderate relationship: their 3-year correlation of weekly returns is 0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHWY and PENN?
Over the past 3 years, CHWY and PENN moved with a correlation of 0.36, which is moderate. The relationship has been stable: the 1-year correlation (0.30) sits close to the 3-year figure. Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 880.4 %².
By 3-year correlation, PENN places #6 of the 11 assets tracked against CHWY. The last year tells two different stories: PENN led by 30.6 percentage points, -43.6% for CHWY against -13.0% for PENN.
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.
CHWY vs PENN: side by side
| CHWY (Chewy, Inc.) | PENN (PENN Entertainment, Inc.) | |
|---|---|---|
| 1-year return | -43.6% | -13.0% |
| 5-year return | -74.7% | -78.7% |
| Volatility (ann.) | 51.6% | 47.0% |
| Beta vs S&P 500 | 1.00 | 1.50 |
| Max drawdown (3Y) | -63.7% | -55.8% |
| Market cap | $9.3B | $2.3B |
| P/E (trailing) | 38.0 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHWY | PENN |
|---|---|---|
| 2022 | -37.1% | -42.7% |
| 2023 | -36.3% | -12.4% |
| 2024 | +41.7% | -23.8% |
| 2025 | -1.3% | -25.6% |
| 2026 | -31.0% | +17.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHWY and PENN good diversifiers for each other?
Reasonably. At 0.36, CHWY and PENN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CHWY and PENN?
Using weekly returns as of 2026-08-27: 0.36 over 3 years, with 0.30 over the last year and 0.40 over 5 years.
Is PENN a good diversifier for CHWY?
Reasonably. At 0.36, CHWY and PENN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.36 mean?
A reading of 0.36 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CHWY correlations · PENN correlations
