CAL vs M: Correlation
Measured on weekly returns over the past three years, Caleres, Inc. (CAL) and Macy's Inc (M) carry a correlation of 0.50, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAL and M?
On 3 years of weekly data the CAL/M correlation comes out at 0.50, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.62 versus 0.50 over 3 years. The 5-year figure is 0.53, and annualized covariance runs at 1388.5 %².
Among the 16 assets we track against CAL, M ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months M outperformed by 89.2 percentage points (-17.4% for CAL against +71.8% for M).
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 M: side by side
| CAL (Caleres, Inc.) | M (Macy's Inc) | |
|---|---|---|
| 1-year return | -17.4% | +71.8% |
| 5-year return | -45.9% | +21.5% |
| Volatility (ann.) | 55.9% | 49.3% |
| Beta vs S&P 500 | 1.37 | 1.06 |
| Max drawdown (3Y) | -79.4% | -51.3% |
| Market cap | $0.4B | $5.9B |
| P/E (trailing) | – | 9.4 |
| Dividend yield | 2.14% | 3.24% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAL | M |
|---|---|---|
| 2022 | -0.6% | -18.7% |
| 2023 | +39.4% | +1.6% |
| 2024 | -23.9% | -12.4% |
| 2025 | -46.4% | +36.5% |
| 2026 | +4.2% | +4.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAL and M good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CAL and M?
The CAL/M correlation stands at 0.50 on a 3-year window (1 year: 0.62, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is M a good diversifier for CAL?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 mean?
A reading of 0.50 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-m.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cal-vs-m/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CAL correlations · M correlations
