CAL vs TOON: Correlation
Caleres, Inc. (CAL) and Kartoon Studios, Inc. (TOON) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAL and TOON?
On 3 years of weekly data the CAL/TOON correlation comes out at 0.38, moderate. The relationship has been stable: the 1-year correlation (0.39) sits close to the 3-year figure. The 5-year figure is 0.26, and annualized covariance runs at 1520.3 %².
By 3-year correlation, TOON places #11 of the 16 assets tracked against CAL. Neither side won the trailing year by much: -17.4% against -14.4%.
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 TOON: side by side
| CAL (Caleres, Inc.) | TOON (Kartoon Studios, Inc.) | |
|---|---|---|
| 1-year return | -17.4% | -14.4% |
| 5-year return | -45.9% | -96.0% |
| Volatility (ann.) | 55.9% | 70.7% |
| Beta vs S&P 500 | 1.37 | 1.54 |
| Max drawdown (3Y) | -79.4% | -73.2% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | 8.0 |
| Dividend yield | 2.14% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAL | TOON |
|---|---|---|
| 2022 | -0.6% | -55.7% |
| 2023 | +39.4% | -70.1% |
| 2024 | -23.9% | -57.6% |
| 2025 | -46.4% | +22.0% |
| 2026 | +4.2% | -10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAL and TOON good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CAL and TOON?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.39 over the last year and 0.26 over 5 years.
Is TOON a good diversifier for CAL?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 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-toon.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cal-vs-toon/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CAL correlations · TOON correlations
