CAL vs ZUMZ: Correlation
Caleres, Inc. (CAL) and Zumiez Inc. (ZUMZ) show a moderate relationship: their 3-year correlation of weekly returns is 0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAL and ZUMZ?
On 3 years of weekly data the CAL/ZUMZ correlation comes out at 0.57, moderate. The relationship has been stable: the 1-year correlation (0.64) sits close to the 3-year figure. The 5-year figure is 0.53, and annualized covariance runs at 1597.3 %².
Within CAL's tracked universe of 16 assets, ZUMZ comes in at #4 by 3-year correlation. On 12-month performance ZUMZ holds a 14.1-point edge, -17.4% against -3.3%.
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 ZUMZ: side by side
| CAL (Caleres, Inc.) | ZUMZ (Zumiez Inc.) | |
|---|---|---|
| 1-year return | -17.4% | -3.3% |
| 5-year return | -45.9% | -57.5% |
| Volatility (ann.) | 55.9% | 50.2% |
| Beta vs S&P 500 | 1.37 | 1.20 |
| Max drawdown (3Y) | -79.4% | -60.2% |
| Market cap | $0.4B | $0.3B |
| P/E (trailing) | – | 24.5 |
| Dividend yield | 2.14% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAL | ZUMZ |
|---|---|---|
| 2022 | -0.6% | -54.7% |
| 2023 | +39.4% | -6.4% |
| 2024 | -23.9% | -5.8% |
| 2025 | -46.4% | +35.9% |
| 2026 | +4.2% | -32.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAL and ZUMZ good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CAL and ZUMZ?
The CAL/ZUMZ correlation stands at 0.57 on a 3-year window (1 year: 0.64, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is ZUMZ a good diversifier for CAL?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
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-zumz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cal-vs-zumz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CAL correlations · ZUMZ correlations
