IPA: /ˈdrɔːkɔrd/
KK: /drɔːkɔrd/
A cord or string that can be pulled to tighten or close an opening, often found in clothing or bags.
She adjusted the drawcord on her hoodie to keep out the cold wind.
Drawcord → It is formed from "draw" (from Old English "dragan", meaning to pull or drag) and "cord" (from Latin "chorda", meaning string or rope). The word "drawcord" refers to a cord that is used to pull or tighten something, typically in clothing or bags.
Think of 'pulling' ('draw') on a 'string' ('cord') to tighten something — that's what a drawcord does.
No commonly confused words.