DraftKings Correlations
| DKNG Stock | USD 41.64 0.57 1.35% |
The correlation of DraftKings is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as DraftKings moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if DraftKings moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Weak diversification
The correlation between DraftKings and NYA is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding DraftKings and NYA in the same portfolio, assuming nothing else is changed.
DraftKings |
The ability to find closely correlated positions to DraftKings could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace DraftKings when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back DraftKings - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling DraftKings to buy it.
Moving together with DraftKings Stock
| 0.64 | BH | Biglari Holdings | PairCorr |
| 0.75 | SG | Sweetgreen Financial Report 2nd of May 2024 | PairCorr |
| 0.72 | WING | Wingstop Financial Report 1st of May 2024 | PairCorr |
| 0.86 | RSI | Rush Street Interactive Financial Report 1st of May 2024 | PairCorr |
| 0.64 | HTHT | Huazhu Group Financial Report 3rd of June 2024 | PairCorr |
| 0.79 | KRUS | Kura Sushi USA Financial Report 4th of July 2024 | PairCorr |
| 0.61 | NGMS | NeogamesSA Financial Report 8th of May 2024 | PairCorr |
| 0.68 | PLAY | Dave Busters Enterta Financial Report 4th of June 2024 | PairCorr |
Moving against DraftKings Stock
| 0.65 | GAN | Gan Financial Report 8th of May 2024 | PairCorr |
| 0.62 | RICK | RCI Hospitality Holdings Financial Report 8th of May 2024 | PairCorr |
| 0.6 | NDLS | Noodles Company Financial Report 8th of May 2024 | PairCorr |
| 0.57 | ARKR | Ark Restaurants Corp | PairCorr |
Related Correlations Analysis
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
Correlation Matchups
Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.High positive correlations
| High negative correlations
|
Risk-Adjusted Indicators
There is a big difference between DraftKings Stock performing well and DraftKings Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze DraftKings' multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.| Mean Deviation | Jensen Alpha | Sortino Ratio | Treynor Ratio | Semi Deviation | Expected Shortfall | Potential Upside | Value @Risk | Maximum Drawdown | ||
|---|---|---|---|---|---|---|---|---|---|---|
| LNW | 1.49 | 0.04 | 0.06 | 0.08 | 1.53 | 3.21 | 7.90 | |||
| IGT | 1.86 | (0.46) | 0.00 | (0.19) | 0.00 | 3.24 | 14.18 | |||
| EVRI | 2.23 | (0.33) | 0.00 | (0.16) | 0.00 | 4.14 | 16.27 | |||
| AGS | 2.14 | 0.07 | 0.05 | 0.10 | 2.26 | 5.88 | 15.06 | |||
| ACEL | 1.25 | 0.09 | 0.07 | 0.10 | 1.84 | 2.49 | 11.94 | |||
| RSI | 2.48 | 0.60 | 0.21 | 0.34 | 2.46 | 6.31 | 23.17 | |||
| GMBL | 10.41 | (1.87) | 0.00 | (0.22) | 0.00 | 29.63 | 93.47 | |||
| PDYPY | 2.02 | 0.50 | 0.14 | (0.53) | 2.42 | 4.31 | 16.70 | |||
| INSE | 2.61 | (0.08) | 0.00 | 0.03 | 3.06 | 6.54 | 20.23 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in DraftKings without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.Did you try this?
Run Stock Screener Now
Stock ScreenerFind equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |
| All Next | Launch Module |
DraftKings Corporate Management
Elected by the shareholders, the DraftKings' board of directors comprises two types of representatives: DraftKings inside directors who are chosen from within the company, and outside directors, selected externally and held independent of DraftKings. The board's role is to monitor DraftKings' management team and ensure that shareholders' interests are well served. DraftKings' inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, DraftKings' outside directors are responsible for providing unbiased perspectives on the board's policies.
| Alan Ellingson | SVP Analytics | Profile | |
| Jason Robins | Chairman CoFounder | Profile | |
| Brian Angiolet | Chief Officer | Profile | |
| Joseph DeCristofaro | Vice Relations | Profile | |
| Erik Bradbury | Chief Officer | Profile |
Already Invested in DraftKings?
The danger of trading DraftKings is mainly related to its market volatility and Company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of DraftKings is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than DraftKings. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile DraftKings is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
When determining whether DraftKings is a strong investment it is important to analyze DraftKings' competitive position within its industry, examining market share, product or service uniqueness, and competitive advantages. Beyond financials and market position, potential investors should also consider broader economic conditions, industry trends, and any regulatory or geopolitical factors that may impact DraftKings' future performance. For an informed investment choice regarding DraftKings Stock, refer to the following important reports: Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in DraftKings. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in board of governors. For more detail on how to invest in DraftKings Stock please use our How to Invest in DraftKings guide.You can also try the Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Complementary Tools for DraftKings Stock analysis
When running DraftKings' price analysis, check to measure DraftKings' market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy DraftKings is operating at the current time. Most of DraftKings' value examination focuses on studying past and present price action to predict the probability of DraftKings' future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move DraftKings' price. Additionally, you may evaluate how the addition of DraftKings to your portfolios can decrease your overall portfolio volatility.
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |
Is DraftKings' industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of DraftKings. If investors know DraftKings will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about DraftKings listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Earnings Share (1.73) | Revenue Per Share 7.923 | Quarterly Revenue Growth 0.439 | Return On Assets (0.12) | Return On Equity (0.74) |
The market value of DraftKings is measured differently than its book value, which is the value of DraftKings that is recorded on the company's balance sheet. Investors also form their own opinion of DraftKings' value that differs from its market value or its book value, called intrinsic value, which is DraftKings' true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because DraftKings' market value can be influenced by many factors that don't directly affect DraftKings' underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between DraftKings' value and its price as these two are different measures arrived at by different means. Investors typically determine if DraftKings is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, DraftKings' price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.