M vs SHOE: Correlation
Measured on weekly returns over the past three years, Macy's Inc (M) and Shoe Station Group, Inc. (SHOE) carry a correlation of 0.51, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are M and SHOE?
Over the past 3 years, M and SHOE moved with a correlation of 0.51, which is moderate. The past 12 months show a tighter link (0.65) than the 3-year average (0.51). Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 1084.2 %².
Among the 14 assets we track against M, SHOE ranks #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with M ahead by 106.5 points (+71.8% versus -34.7%).
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.
M vs SHOE: side by side
| M (Macy's Inc) | SHOE (Shoe Station Group, Inc.) | |
|---|---|---|
| 1-year return | +71.8% | -34.7% |
| 5-year return | +21.5% | -59.3% |
| Volatility (ann.) | 49.3% | 43.2% |
| Beta vs S&P 500 | 1.06 | 1.24 |
| Max drawdown (3Y) | -51.3% | -68.0% |
| Market cap | $5.9B | $0.4B |
| P/E (trailing) | 9.4 | 10.3 |
| Dividend yield | 3.24% | 4.30% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | M | SHOE |
|---|---|---|
| 2022 | -18.7% | -38.0% |
| 2023 | +1.6% | +28.5% |
| 2024 | -12.4% | +11.2% |
| 2025 | +36.5% | -47.6% |
| 2026 | +4.0% | -15.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are M and SHOE good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between M and SHOE?
As of 2026-08-27, the correlation of weekly returns between M and SHOE is 0.51 over 3 years, 0.65 over 1 year and 0.58 over 5 years.
Is SHOE a good diversifier for M?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 mean?
A reading of 0.51 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/m-vs-shoe.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/m-vs-shoe/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: M correlations · SHOE correlations
