CZR vs PENN: Correlation
Caesars Entertainment, Inc. (CZR) and PENN Entertainment, Inc. (PENN) show a strong relationship: their 3-year correlation of weekly returns is 0.67.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CZR and PENN?
Across a 3-year window, the weekly returns of CZR and PENN correlate at 0.67, strong. Little has changed lately, as the 1-year reading of 0.69 lands near the 3-year figure. Stretching to 5 years gives 0.69, with an annualized covariance of 1307.2 %².
In CZR's tracked universe of 13 assets, PENN sits right near the top at #1. Their recent paths diverged sharply: over the last 12 months CZR outperformed by 22.9 percentage points (+9.9% for CZR 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.
CZR vs PENN: side by side
| CZR (Caesars Entertainment, Inc.) | PENN (PENN Entertainment, Inc.) | |
|---|---|---|
| 1-year return | +9.9% | -13.0% |
| 5-year return | -71.0% | -78.7% |
| Volatility (ann.) | 41.8% | 47.0% |
| Beta vs S&P 500 | 1.43 | 1.50 |
| Max drawdown (3Y) | -67.5% | -55.8% |
| Market cap | $6.0B | $2.3B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CZR | PENN |
|---|---|---|
| 2022 | -55.5% | -42.7% |
| 2023 | +12.7% | -12.4% |
| 2024 | -28.7% | -23.8% |
| 2025 | -30.0% | -25.6% |
| 2026 | +26.7% | +17.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CZR and PENN good diversifiers for each other?
Only partially. A correlation of 0.67 means CZR and PENN 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 PENN?
As of 2026-08-27, the correlation of weekly returns between CZR and PENN is 0.67 over 3 years, 0.69 over 1 year and 0.69 over 5 years.
Is PENN a good diversifier for CZR?
Only partially. A correlation of 0.67 means CZR and PENN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.67 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/czr-vs-penn.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/czr-vs-penn/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CZR correlations · PENN correlations
