APO vs HSY: Correlation
How closely do Apollo Global Management (APO) and Hershey Company (The) (HSY) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APO and HSY?
On 3 years of weekly data the APO/HSY correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.29 over 1 year against -0.21 over 3. The 5-year figure is -0.10, and annualized covariance runs at -196.3 %².
By 3-year correlation, HSY places #23 of the 33 assets tracked against APO. Twelve-month performance is nearly a tie, at -0.1% for APO and +2.8% for HSY. On a rolling one-year basis the correlation drifted between -0.35 and 0.09, a moderate band.
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.
APO vs HSY: side by side
| APO (Apollo Global Management) | HSY (Hershey Company (The)) | |
|---|---|---|
| 1-year return | -0.1% | +2.8% |
| 5-year return | +149.7% | +16.5% |
| Volatility (ann.) | 36.8% | 25.6% |
| Beta vs S&P 500 | 1.62 | 0.03 |
| Max drawdown (3Y) | -42.8% | -31.2% |
| Market cap | $78.8B | $36.4B |
| P/E (trailing) | 47.5 | 25.3 |
| Dividend yield | 1.60% | 3.05% |
| Sector / category | Financials | Consumer Staples |
Year-by-year returns
| Year | APO | HSY |
|---|---|---|
| 2022 | -9.6% | +21.9% |
| 2023 | +49.4% | -17.9% |
| 2024 | +79.9% | -6.5% |
| 2025 | -11.1% | +11.0% |
| 2026 | -6.7% | +1.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APO and HSY good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between APO and HSY?
As of 2026-08-27, the correlation of weekly returns between APO and HSY is -0.21 over 3 years, -0.29 over 1 year and -0.10 over 5 years.
Is HSY a good diversifier for APO?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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/apo-vs-hsy.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/apo-vs-hsy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: APO correlations · HSY correlations
