CAG vs KHC: Correlation
ConAgra Brands, Inc. (CAG) and Kraft Heinz (KHC) show a strong relationship: their 3-year correlation of weekly returns is 0.65.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAG and KHC?
On 3 years of weekly data the CAG/KHC correlation comes out at 0.65, strong. The relationship has been stable: the 1-year correlation (0.66) sits close to the 3-year figure. The 5-year figure is 0.67, and annualized covariance runs at 342.2 %².
KHC is one of the assets that tracks CAG most closely: it ranks #3 out of the 34 assets we track against CAG. Over the last 12 months KHC came out ahead by 5.9 percentage points (-9.8% against -3.9%).
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 KHC: side by side
| CAG (ConAgra Brands, Inc.) | KHC (Kraft Heinz) | |
|---|---|---|
| 1-year return | -9.8% | -3.9% |
| 5-year return | -36.6% | -10.9% |
| Volatility (ann.) | 24.2% | 21.7% |
| Beta vs S&P 500 | -0.05 | 0.12 |
| Max drawdown (3Y) | -56.7% | -38.7% |
| Market cap | $7.7B | $29.8B |
| P/E (trailing) | – | – |
| Dividend yield | 8.65% | 6.45% |
| Sector / category | US Listed | Consumer Staples |
Year-by-year returns
| Year | CAG | KHC |
|---|---|---|
| 2022 | +17.5% | +18.2% |
| 2023 | -22.8% | -5.0% |
| 2024 | +1.5% | -13.0% |
| 2025 | -33.3% | -16.3% |
| 2026 | -2.1% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAG and KHC good diversifiers for each other?
Only partially. A correlation of 0.65 means CAG and KHC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CAG and KHC?
The CAG/KHC correlation stands at 0.65 on a 3-year window (1 year: 0.66, 5 years: 0.67), computed from weekly returns as of 2026-08-27.
Is KHC a good diversifier for CAG?
Only partially. A correlation of 0.65 means CAG and KHC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.65 mean?
A reading of 0.65 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-khc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cag-vs-khc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CAG correlations · KHC correlations
