MGM vs PENN: Correlation
MGM Resorts (MGM) and PENN Entertainment, Inc. (PENN) show a moderate relationship: their 3-year correlation of weekly returns is 0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGM and PENN?
On 3 years of weekly data the MGM/PENN correlation comes out at 0.58, moderate. The relationship has been stable: the 1-year correlation (0.56) sits close to the 3-year figure. The 5-year figure is 0.60, and annualized covariance runs at 962.2 %².
Within MGM's tracked universe of 41 assets, PENN comes in at #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MGM outperformed by 21.0 percentage points (+8.0% for MGM 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.
MGM vs PENN: side by side
| MGM (MGM Resorts) | PENN (PENN Entertainment, Inc.) | |
|---|---|---|
| 1-year return | +8.0% | -13.0% |
| 5-year return | +0.8% | -78.7% |
| Volatility (ann.) | 35.2% | 47.0% |
| Beta vs S&P 500 | 1.18 | 1.50 |
| Max drawdown (3Y) | -46.0% | -55.8% |
| Market cap | $11.0B | $2.3B |
| P/E (trailing) | 26.4 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | MGM | PENN |
|---|---|---|
| 2022 | -25.3% | -42.7% |
| 2023 | +33.3% | -12.4% |
| 2024 | -22.4% | -23.8% |
| 2025 | +5.3% | -25.6% |
| 2026 | +17.8% | +17.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGM and PENN good diversifiers for each other?
Only partially. A correlation of 0.58 means MGM 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 MGM and PENN?
As of 2026-08-27, the correlation of weekly returns between MGM and PENN is 0.58 over 3 years, 0.56 over 1 year and 0.60 over 5 years.
Is PENN a good diversifier for MGM?
Only partially. A correlation of 0.58 means MGM 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 0.58 mean?
A reading of 0.58 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: MGM correlations · PENN correlations
