DraftKings Inc. Class A Common Stock (DKNG) — Stock Correlations & Overview
Over the past year, DKNG has moved most closely with DRAY, FLUT, BETZ. Explore the stocks most correlated and inversely correlated with DKNG below, along with its price, financials, and company profile.
Stocks correlated with DKNG
Correlation of daily returns. Higher positive values move with DKNG; negative values move opposite it. Informational only, not investment advice.
Most correlated with DKNG
| Symbol | Company | Correlation |
|---|---|---|
| DRAY | YieldMax DKNG Option Income Strategy ETFBLANK CHECKS | 0.92 |
| FLUT | Flutter Entertainment plcSERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. | 0.72 |
| BETZ | Roundhill Sports Betting & iGaming ETF | 0.66 |
| ODDS | Pacer BlueStar Digital Entertainment ETF | 0.65 |
| BNGE | First Trust S-Network Streaming and Gaming ETF | 0.50 |
Most inversely correlated with DKNG
| Symbol | Company | Correlation |
|---|---|---|
| HDGE | AdvisorShares Ranger Equity Bear ETF | -0.40 |
| FLYD | MicroSectors Travel -3x Inverse Leveraged ETNCOMMERCIAL BANKS, NEC | -0.37 |
| WEBS | Direxion Daily Dow Jones Internet Bear 3X ETF | -0.35 |
| DWSH | AdvisorShares Dorsey Wright Short ETF | -0.34 |
| FAZ | Direxion Daily Financial Bear 3x ETF | -0.26 |
Frequently asked questions about DKNG correlations
- Which stocks are most correlated with DKNG?
- Based on one year of daily returns, the stocks most correlated with DraftKings Inc. Class A Common Stock (DKNG) are DRAY (0.92), FLUT (0.72) and BETZ (0.66). A correlation near 1.00 means the two stocks' daily moves have tracked each other closely over the period.
- Which stocks are inversely correlated with DKNG?
- Over the past year, the stocks most inversely correlated with DraftKings Inc. Class A Common Stock (DKNG) are HDGE (-0.40), FLYD (-0.37) and WEBS (-0.35). A negative correlation means the two stocks have tended to move in opposite directions.
- What does a correlation of 0.8 mean for a stock?
- Correlation measures how closely two stocks' daily returns move together, on a scale from -1 to 1. At 0.8, the two stocks have moved in the same direction on most days — though not by identical amounts. A value near 0 means their moves have been unrelated, and a negative value means they have tended to move in opposite directions. Correlation reflects past behavior and can change over time.
- How are these DKNG correlations calculated?
- We compute the correlation of daily returns between DKNG and roughly 9,000 other US-listed stocks and ETFs over the trailing one-year window, then rank the strongest positive and negative relationships. The data is refreshed monthly. It is informational and educational only — not investment advice.
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