CZR vs DKNG: Correlation
How closely do Caesars Entertainment, Inc. (CZR) and DraftKings Inc. (DKNG) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CZR and DKNG?
On 3 years of weekly data the CZR/DKNG correlation comes out at 0.52, moderate. Recent behaviour matches the longer record: 0.49 over 1 year against 0.52 over 3. The 5-year figure is 0.59, and annualized covariance runs at 1095.3 %².
Among the 13 assets we track against CZR, DKNG ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CZR outperformed by 59.2 percentage points (+9.9% for CZR against -49.3% for DKNG).
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.
CZR vs DKNG: side by side
| CZR (Caesars Entertainment, Inc.) | DKNG (DraftKings Inc.) | |
|---|---|---|
| 1-year return | +9.9% | -49.3% |
| 5-year return | -71.0% | -59.1% |
| Volatility (ann.) | 41.8% | 50.0% |
| Beta vs S&P 500 | 1.43 | 1.64 |
| Max drawdown (3Y) | -67.5% | -61.3% |
| Market cap | $6.0B | $12.0B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CZR | DKNG |
|---|---|---|
| 2022 | -55.5% | -58.5% |
| 2023 | +12.7% | +209.5% |
| 2024 | -28.7% | +5.5% |
| 2025 | -30.0% | -7.4% |
| 2026 | +26.7% | -29.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CZR and DKNG good diversifiers for each other?
Only partially. A correlation of 0.52 means CZR and DKNG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CZR and DKNG?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with 0.49 over the last year and 0.59 over 5 years.
Is DKNG a good diversifier for CZR?
Only partially. A correlation of 0.52 means CZR and DKNG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
A reading of 0.52 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/czr-vs-dkng.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/czr-vs-dkng/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CZR correlations · DKNG correlations
