We present the correlation function of the luminosity distances in a flat ΛCDM universe. Decomposing the luminosity distance fluctuation into the velocity, the gravitational potential, and the lensing contributions in linear perturbation theory, we study their individual contributions to the correlation function. The lensing contribution is important at large redshift (z gsim 0.5) but only for small angular separation (θ lesssim 3°), while the velocity contribution dominates over the other contributions at low redshift or at larger separation. However, the gravitational potential contribution is always subdominant at all scale, if the correct gauge-invariant expression is used. The correlation function of the luminosity distances depends significantly on the matter content, especially for the lensing contribution, thus providing a novel tool of estimating cosmological parameters.