DLTH vs M: Correlation
How closely do Duluth Holdings Inc. (DLTH) and Macy's Inc (M) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DLTH and M?
Over the past 3 years, DLTH and M moved with a correlation of 0.43, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.66 versus 0.43 over 3 years. Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 1472.7 %².
Few assets follow DLTH as closely as M, which ranks #3 of 11 tracked partners. The trailing year gives M the advantage: +62.3% versus +71.8%, a 9.5-point spread.
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.
DLTH vs M: side by side
| DLTH (Duluth Holdings Inc.) | M (Macy's Inc) | |
|---|---|---|
| 1-year return | +62.3% | +71.8% |
| 5-year return | -76.9% | +21.5% |
| Volatility (ann.) | 69.4% | 49.3% |
| Beta vs S&P 500 | 0.64 | 1.06 |
| Max drawdown (3Y) | -77.4% | -51.3% |
| Market cap | $0.1B | $5.9B |
| P/E (trailing) | – | 9.4 |
| Dividend yield | 0.00% | 3.24% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DLTH | M |
|---|---|---|
| 2022 | -59.3% | -18.7% |
| 2023 | -12.9% | +1.6% |
| 2024 | -42.6% | -12.4% |
| 2025 | -32.7% | +36.5% |
| 2026 | +77.9% | +4.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DLTH and M good diversifiers for each other?
Reasonably. At 0.43, DLTH and M keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DLTH and M?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.66 over the last year and 0.43 over 5 years.
Is M a good diversifier for DLTH?
Reasonably. At 0.43, DLTH and M keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 mean?
A reading of 0.43 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: DLTH correlations · M correlations
