CL vs HRL: Correlation
How closely do Colgate-Palmolive (CL) and Hormel Foods (HRL) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CL and HRL?
Over the past 3 years, CL and HRL moved with a correlation of 0.33, which is moderate. The relationship has been stable: the 1-year correlation (0.29) sits close to the 3-year figure. Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 146.6 %².
Within CL's tracked universe of 40 assets, HRL comes in at #25 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CL ahead by 33.2 points (+10.4% versus -22.8%). The rolling one-year correlation moved between 0.20 and 0.50 over the past three years, a moderate range. Note the risk asymmetry: HRL runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CL vs HRL: side by side
| CL (Colgate-Palmolive) | HRL (Hormel Foods) | |
|---|---|---|
| 1-year return | +10.4% | -22.8% |
| 5-year return | +32.0% | -44.3% |
| Volatility (ann.) | 16.9% | 26.1% |
| Beta vs S&P 500 | 0.17 | 0.07 |
| Max drawdown (3Y) | -29.0% | -44.5% |
| Market cap | $72.5B | – |
| P/E (trailing) | 36.2 | 28.0 |
| Dividend yield | 2.27% | 0.00% |
| Sector / category | Consumer Staples | Consumer Staples |
Year-by-year returns
| Year | CL | HRL |
|---|---|---|
| 2022 | -5.4% | -4.7% |
| 2023 | +3.8% | -27.5% |
| 2024 | +16.6% | +1.2% |
| 2025 | -11.0% | -21.3% |
| 2026 | +17.2% | -6.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CL and HRL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CL and HRL?
The CL/HRL correlation stands at 0.33 on a 3-year window (1 year: 0.29, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is HRL a good diversifier for CL?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.33 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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Related comparisons
Hubs: CL correlations · HRL correlations
