CAL vs ED: Correlation
Measured on weekly returns over the past three years, Caleres, Inc. (CAL) and Consolidated Edison (ED) carry a correlation of -0.19, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAL and ED?
On 3 years of weekly data the CAL/ED correlation comes out at -0.19, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.34) runs below the 3-year figure (-0.19). The 5-year figure is -0.06, and annualized covariance runs at -179.1 %².
Out of 16 assets tracked against CAL, ED lands near the bottom at #14. The last year tells two different stories: ED led by 27.6 percentage points, -17.4% for CAL against +10.2% for ED. Risk is not evenly split, since CAL carries 3.4 times the volatility of the other side.
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 ED: side by side
| CAL (Caleres, Inc.) | ED (Consolidated Edison) | |
|---|---|---|
| 1-year return | -17.4% | +10.2% |
| 5-year return | -45.9% | +67.5% |
| Volatility (ann.) | 55.9% | 16.5% |
| Beta vs S&P 500 | 1.37 | -0.21 |
| Max drawdown (3Y) | -79.4% | -17.4% |
| Market cap | $0.4B | $39.5B |
| P/E (trailing) | – | 17.5 |
| Dividend yield | 2.14% | 3.22% |
| Sector / category | US Listed | Utilities |
Year-by-year returns
| Year | CAL | ED |
|---|---|---|
| 2022 | -0.6% | +15.7% |
| 2023 | +39.4% | -1.1% |
| 2024 | -23.9% | +1.5% |
| 2025 | -46.4% | +15.1% |
| 2026 | +4.2% | +10.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAL and ED good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between CAL and ED?
The CAL/ED correlation stands at -0.19 on a 3-year window (1 year: -0.34, 5 years: -0.06), computed from weekly returns as of 2026-08-27.
Is ED a good diversifier for CAL?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cal-vs-ed.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cal-vs-ed/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CAL correlations · ED correlations
