GAP vs M: Correlation
How closely do Gap, Inc. (The) (GAP) and Macy's Inc (M) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GAP and M?
Over the past 3 years, GAP and M moved with a correlation of 0.46, which is moderate. The relationship has been stable: the 1-year correlation (0.53) sits close to the 3-year figure. Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 1224.2 %².
Within GAP's tracked universe of 11 assets, M comes in at #4 by 3-year correlation. The last year tells two different stories: M led by 75.7 percentage points, -3.9% for GAP against +71.8% for M.
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.
GAP vs M: side by side
| GAP (Gap, Inc. (The)) | M (Macy's Inc) | |
|---|---|---|
| 1-year return | -3.9% | +71.8% |
| 5-year return | -5.3% | +21.5% |
| Volatility (ann.) | 54.0% | 49.3% |
| Beta vs S&P 500 | 1.17 | 1.06 |
| Max drawdown (3Y) | -38.0% | -51.3% |
| Market cap | – | $5.9B |
| P/E (trailing) | 8.4 | 9.4 |
| Dividend yield | 3.17% | 3.24% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GAP | M |
|---|---|---|
| 2022 | -32.6% | -18.7% |
| 2023 | +96.7% | +1.6% |
| 2024 | +16.1% | -12.4% |
| 2025 | +11.7% | +36.5% |
| 2026 | -16.9% | +4.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GAP and M good diversifiers for each other?
Reasonably. At 0.46, GAP and M keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GAP and M?
As of 2026-08-27, the correlation of weekly returns between GAP and M is 0.46 over 3 years, 0.53 over 1 year and 0.53 over 5 years.
Is M a good diversifier for GAP?
Reasonably. At 0.46, GAP and M keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gap-vs-m.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gap-vs-m/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GAP correlations · M correlations
