CAG vs MDLZ: Correlation
How closely do ConAgra Brands, Inc. (CAG) and Mondelez International (MDLZ) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAG and MDLZ?
On 3 years of weekly data the CAG/MDLZ correlation comes out at 0.52, moderate. The relationship has been stable: the 1-year correlation (0.51) sits close to the 3-year figure. The 5-year figure is 0.60, and annualized covariance runs at 257.8 %².
Among the 34 assets we track against CAG, MDLZ ranks #7 by 3-year correlation. The trailing year gives MDLZ the advantage: -9.8% versus +4.6%, a 14.4-point spread.
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 MDLZ: side by side
| CAG (ConAgra Brands, Inc.) | MDLZ (Mondelez International) | |
|---|---|---|
| 1-year return | -9.8% | +4.6% |
| 5-year return | -36.6% | +14.7% |
| Volatility (ann.) | 24.2% | 20.5% |
| Beta vs S&P 500 | -0.05 | 0.03 |
| Max drawdown (3Y) | -56.7% | -29.0% |
| Market cap | $7.7B | $79.7B |
| P/E (trailing) | – | 22.9 |
| Dividend yield | 8.65% | 3.17% |
| Sector / category | US Listed | Consumer Staples |
Year-by-year returns
| Year | CAG | MDLZ |
|---|---|---|
| 2022 | +17.5% | +2.9% |
| 2023 | -22.8% | +11.2% |
| 2024 | +1.5% | -15.3% |
| 2025 | -33.3% | -7.0% |
| 2026 | -2.1% | +18.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAG and MDLZ good diversifiers for each other?
Only partially. A correlation of 0.52 means CAG and MDLZ 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 MDLZ?
As of 2026-08-27, the correlation of weekly returns between CAG and MDLZ is 0.52 over 3 years, 0.51 over 1 year and 0.60 over 5 years.
Is MDLZ a good diversifier for CAG?
Only partially. A correlation of 0.52 means CAG and MDLZ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 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/cag-vs-mdlz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cag-vs-mdlz/)
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Related comparisons
Hubs: CAG correlations · MDLZ correlations
