PENN vs ZDGE: Correlation
Measured on weekly returns over the past three years, PENN Entertainment, Inc. (PENN) and Zedge, Inc. (ZDGE) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PENN and ZDGE?
On 3 years of weekly data the PENN/ZDGE correlation comes out at 0.36, moderate. The relationship has been stable: the 1-year correlation (0.31) sits close to the 3-year figure. The 5-year figure is 0.34, and annualized covariance runs at 1307.0 %².
Among the 16 assets we track against PENN, ZDGE sits near the bottom by co-movement, at rank #12. On 12-month performance ZDGE holds a 10.0-point edge, -13.0% against -3.0%. Note the risk asymmetry: ZDGE runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
PENN vs ZDGE: side by side
| PENN (PENN Entertainment, Inc.) | ZDGE (Zedge, Inc.) | |
|---|---|---|
| 1-year return | -13.0% | -3.0% |
| 5-year return | -78.7% | -81.5% |
| Volatility (ann.) | 47.0% | 76.8% |
| Beta vs S&P 500 | 1.50 | 0.91 |
| Max drawdown (3Y) | -55.8% | -61.2% |
| Market cap | $2.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.77% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PENN | ZDGE |
|---|---|---|
| 2022 | -42.7% | -79.3% |
| 2023 | -12.4% | +33.5% |
| 2024 | -23.8% | +14.5% |
| 2025 | -25.6% | +22.5% |
| 2026 | +17.5% | -9.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PENN and ZDGE good diversifiers for each other?
Reasonably. At 0.36, PENN and ZDGE keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between PENN and ZDGE?
The PENN/ZDGE correlation stands at 0.36 on a 3-year window (1 year: 0.31, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is ZDGE a good diversifier for PENN?
Reasonably. At 0.36, PENN and ZDGE keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/penn-vs-zdge.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/penn-vs-zdge/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PENN correlations · ZDGE correlations
