CBL vs MAC: Correlation
CBL & Associates Properties, Inc. (CBL) and Macerich Company (The) (MAC) show a strong relationship: their 3-year correlation of weekly returns is 0.60.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBL and MAC?
Across a 3-year window, the weekly returns of CBL and MAC correlate at 0.60, strong. The link has tightened recently: the 1-year correlation (0.72) runs above the 3-year figure (0.60). Stretching to 5 years gives 0.55, with an annualized covariance of 582.0 %².
Few assets follow CBL as closely as MAC, which ranks #2 of 10 tracked partners. Correlation aside, the last 12 months split them widely, with CBL ahead by 50.7 points (+85.2% versus +34.5%).
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.
CBL vs MAC: side by side
| CBL (CBL & Associates Properties, Inc.) | MAC (Macerich Company (The)) | |
|---|---|---|
| 1-year return | +85.2% | +34.5% |
| 5-year return | +159.7% | +75.7% |
| Volatility (ann.) | 26.3% | 36.7% |
| Beta vs S&P 500 | 0.66 | 1.22 |
| Max drawdown (3Y) | -29.1% | -39.6% |
| Market cap | $1.7B | $7.1B |
| P/E (trailing) | 7.9 | – |
| Dividend yield | 3.27% | 2.81% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CBL | MAC |
|---|---|---|
| 2022 | -18.0% | -31.6% |
| 2023 | +13.0% | +45.7% |
| 2024 | +28.5% | +34.5% |
| 2025 | +37.2% | -3.7% |
| 2026 | +52.8% | +31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBL and MAC good diversifiers for each other?
Only partially. A correlation of 0.60 means CBL and MAC 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 CBL and MAC?
Using weekly returns as of 2026-08-27: 0.60 over 3 years, with 0.72 over the last year and 0.55 over 5 years.
Is MAC a good diversifier for CBL?
Only partially. A correlation of 0.60 means CBL and MAC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.60 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.
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Related comparisons
Hubs: CBL correlations · MAC correlations
