CAG vs HSY: Correlation
Measured on weekly returns over the past three years, ConAgra Brands, Inc. (CAG) and Hershey Company (The) (HSY) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAG and HSY?
On 3 years of weekly data the CAG/HSY correlation comes out at 0.42, moderate. Little has changed lately, as the 1-year reading of 0.43 lands near the 3-year figure. The 5-year figure is 0.47, and annualized covariance runs at 259.1 %².
Among the 34 assets we track against CAG, HSY ranks #14 by 3-year correlation. Over the last 12 months HSY came out ahead by 12.6 percentage points (-9.8% against +2.8%).
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.
CAG vs HSY: side by side
| CAG (ConAgra Brands, Inc.) | HSY (Hershey Company (The)) | |
|---|---|---|
| 1-year return | -9.8% | +2.8% |
| 5-year return | -36.6% | +16.5% |
| Volatility (ann.) | 24.2% | 25.6% |
| Beta vs S&P 500 | -0.05 | 0.03 |
| Max drawdown (3Y) | -56.7% | -31.2% |
| Market cap | $7.7B | $36.4B |
| P/E (trailing) | – | 25.3 |
| Dividend yield | 8.65% | 3.05% |
| Sector / category | US Listed | Consumer Staples |
Year-by-year returns
| Year | CAG | HSY |
|---|---|---|
| 2022 | +17.5% | +21.9% |
| 2023 | -22.8% | -17.9% |
| 2024 | +1.5% | -6.5% |
| 2025 | -33.3% | +11.0% |
| 2026 | -2.1% | +1.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAG and HSY good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CAG and HSY?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.43 over the last year and 0.47 over 5 years.
Is HSY a good diversifier for CAG?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
A reading of 0.42 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/cag-vs-hsy.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cag-vs-hsy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CAG correlations · HSY correlations
