CAL vs DNUT: Correlation
Measured on weekly returns over the past three years, Caleres, Inc. (CAL) and Krispy Kreme, Inc. (DNUT) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAL and DNUT?
Across a 3-year window, the weekly returns of CAL and DNUT correlate at 0.42, moderate. Little has changed lately, as the 1-year reading of 0.45 lands near the 3-year figure. Stretching to 5 years gives 0.37, with an annualized covariance of 1528.9 %².
Among the 16 assets we track against CAL, DNUT ranks #9 by 3-year correlation. Over the last 12 months DNUT came out ahead by 12.4 percentage points (-17.4% against -5.0%).
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 DNUT: side by side
| CAL (Caleres, Inc.) | DNUT (Krispy Kreme, Inc.) | |
|---|---|---|
| 1-year return | -17.4% | -5.0% |
| 5-year return | -45.9% | -78.8% |
| Volatility (ann.) | 55.9% | 64.8% |
| Beta vs S&P 500 | 1.37 | 1.27 |
| Max drawdown (3Y) | -79.4% | -84.9% |
| Market cap | $0.4B | $0.6B |
| P/E (trailing) | – | – |
| Dividend yield | 2.14% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAL | DNUT |
|---|---|---|
| 2022 | -0.6% | -44.9% |
| 2023 | +39.4% | +47.7% |
| 2024 | -23.9% | -33.4% |
| 2025 | -46.4% | -59.0% |
| 2026 | +4.2% | -14.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAL and DNUT good diversifiers for each other?
Reasonably. At 0.42, CAL and DNUT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CAL and DNUT?
The CAL/DNUT correlation stands at 0.42 on a 3-year window (1 year: 0.45, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is DNUT a good diversifier for CAL?
Reasonably. At 0.42, CAL and DNUT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 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-dnut.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cal-vs-dnut/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CAL correlations · DNUT correlations
