I took the 2007-08 to 2011-12 data for 5-on-5 PDO, Corsi%, Fenwick% and plotted each season against the previous season.
Results:
Corsi: 59% persistence, R^2=0.38
Fenwick: 54% persistence, R^2=0.33
PDO: 23% persistence, R^2=0.05
So yeah, PDO is more a measure of luck than Corsi or Fenwick. But if it were purely a measure of luck, that 23% would be 0%.
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