CBOE vs KHC: Correlation
How closely do Cboe Global Markets (CBOE) and Kraft Heinz (KHC) trade together? Their weekly returns over three years give a correlation of 0.29, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBOE and KHC?
On 3 years of weekly data the CBOE/KHC correlation comes out at 0.29, weak. The relationship has been stable: the 1-year correlation (0.31) sits close to the 3-year figure. The 5-year figure is 0.22, and annualized covariance runs at 161.7 %².
By 3-year correlation, KHC places #8 of the 39 assets tracked against CBOE. The last year tells two different stories: CBOE led by 36.4 percentage points, +32.5% for CBOE against -3.9% for KHC. The relationship is regime-dependent: the rolling one-year correlation swung between -0.16 and 0.46 over the past three years, so this pair behaves very differently depending on the market environment.
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.
CBOE vs KHC: side by side
| CBOE (Cboe Global Markets) | KHC (Kraft Heinz) | |
|---|---|---|
| 1-year return | +32.5% | -3.9% |
| 5-year return | +168.0% | -10.9% |
| Volatility (ann.) | 26.1% | 21.7% |
| Beta vs S&P 500 | 0.09 | 0.12 |
| Max drawdown (3Y) | -36.7% | -38.7% |
| Market cap | $32.8B | $29.8B |
| P/E (trailing) | 24.5 | – |
| Dividend yield | 0.92% | 6.45% |
| Sector / category | Financials | Consumer Staples |
Year-by-year returns
| Year | CBOE | KHC |
|---|---|---|
| 2022 | -2.2% | +18.2% |
| 2023 | +44.4% | -5.0% |
| 2024 | +10.7% | -13.0% |
| 2025 | +29.2% | -16.3% |
| 2026 | +25.7% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBOE and KHC good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CBOE and KHC?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.31 over the last year and 0.22 over 5 years.
Is KHC a good diversifier for CBOE?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.29 mean?
A reading of 0.29 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/cboe-vs-khc.json
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[](https://www.pairbook.io/pair/cboe-vs-khc/)
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Related comparisons
Hubs: CBOE correlations · KHC correlations
