CAL vs PII: Correlation
Measured on weekly returns over the past three years, Caleres, Inc. (CAL) and Polaris Inc. (PII) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAL and PII?
Over the past 3 years, CAL and PII moved with a correlation of 0.57, which is moderate. The relationship has been stable: the 1-year correlation (0.60) sits close to the 3-year figure. Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 1250.5 %².
Few assets follow CAL as closely as PII, which ranks #3 of 16 tracked partners. Their recent paths diverged sharply: over the last 12 months PII outperformed by 33.2 percentage points (-17.4% for CAL against +15.8% for PII).
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 PII: side by side
| CAL (Caleres, Inc.) | PII (Polaris Inc.) | |
|---|---|---|
| 1-year return | -17.4% | +15.8% |
| 5-year return | -45.9% | -39.0% |
| Volatility (ann.) | 55.9% | 39.0% |
| Beta vs S&P 500 | 1.37 | 1.07 |
| Max drawdown (3Y) | -79.4% | -70.4% |
| Market cap | $0.4B | $3.6B |
| P/E (trailing) | – | – |
| Dividend yield | 2.14% | 4.24% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAL | PII |
|---|---|---|
| 2022 | -0.6% | -6.0% |
| 2023 | +39.4% | -3.8% |
| 2024 | -23.9% | -37.2% |
| 2025 | -46.4% | +15.9% |
| 2026 | +4.2% | +3.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAL and PII good diversifiers for each other?
Only partially. A correlation of 0.57 means CAL and PII share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CAL and PII?
The CAL/PII correlation stands at 0.57 on a 3-year window (1 year: 0.60, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is PII a good diversifier for CAL?
Only partially. A correlation of 0.57 means CAL and PII share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.57 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cal-vs-pii.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cal-vs-pii/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CAL correlations · PII correlations
