CAL vs DLTH: Correlation
How closely do Caleres, Inc. (CAL) and Duluth Holdings Inc. (DLTH) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAL and DLTH?
Across a 3-year window, the weekly returns of CAL and DLTH correlate at 0.41, moderate. Recent behaviour matches the longer record: 0.48 over 1 year against 0.41 over 3. Stretching to 5 years gives 0.39, with an annualized covariance of 1600.9 %².
Within CAL's tracked universe of 16 assets, DLTH comes in at #10 by 3-year correlation. The last year tells two different stories: DLTH led by 79.7 percentage points, -17.4% for CAL against +62.3% for DLTH.
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.
CAL vs DLTH: side by side
| CAL (Caleres, Inc.) | DLTH (Duluth Holdings Inc.) | |
|---|---|---|
| 1-year return | -17.4% | +62.3% |
| 5-year return | -45.9% | -76.9% |
| Volatility (ann.) | 55.9% | 69.4% |
| Beta vs S&P 500 | 1.37 | 0.64 |
| Max drawdown (3Y) | -79.4% | -77.4% |
| Market cap | $0.4B | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 2.14% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAL | DLTH |
|---|---|---|
| 2022 | -0.6% | -59.3% |
| 2023 | +39.4% | -12.9% |
| 2024 | -23.9% | -42.6% |
| 2025 | -46.4% | -32.7% |
| 2026 | +4.2% | +77.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAL and DLTH good diversifiers for each other?
Reasonably. At 0.41, CAL and DLTH keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CAL and DLTH?
The CAL/DLTH correlation stands at 0.41 on a 3-year window (1 year: 0.48, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is DLTH a good diversifier for CAL?
Reasonably. At 0.41, CAL and DLTH keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 mean?
A reading of 0.41 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cal-vs-dlth.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cal-vs-dlth/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CAL correlations · DLTH correlations
