In colocated multi-user Virtual Reality applications, relative user positions in the virtual environment need to match their relative positions in the physical tracking space. A mismatch between virtual and real relative user positions might lead to harmful events such as physical user collisions. This paper examines three calibration methods that enable colocated Virtual Reality scenarios for SLAM-tracked head-mounted displays without the need for an external tracking system. Two of these methods—fixed-point calibration and marked-based calibration—have been described in previous research; the third method that uses hand tracking capabilities of head-mounted displays is novel. We evaluated the accuracy of these three methods in an experimental procedure with two colocated Oculus Quest devices. The results of the evaluation show that our novel hand tracking-based calibration method provides better accuracy and consistency while at the same time being easy to execute. The paper further discusses the potential of all evaluated calibration methods.