CL vs HSY: Correlation
Measured on weekly returns over the past three years, Colgate-Palmolive (CL) and Hershey Company (The) (HSY) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CL and HSY?
On 3 years of weekly data the CL/HSY correlation comes out at 0.44, moderate. Little has changed lately, as the 1-year reading of 0.44 lands near the 3-year figure. The 5-year figure is 0.46, and annualized covariance runs at 188.4 %².
Among the 40 assets we track against CL, HSY ranks #18 by 3-year correlation. On 12-month performance CL holds a 7.6-point edge, +10.4% against +2.8%. On a rolling one-year basis the correlation drifted between 0.36 and 0.64, a moderate band. One caveat on sizing: HSY is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 HSY: side by side
| CL (Colgate-Palmolive) | HSY (Hershey Company (The)) | |
|---|---|---|
| 1-year return | +10.4% | +2.8% |
| 5-year return | +32.0% | +16.5% |
| Volatility (ann.) | 16.9% | 25.6% |
| Beta vs S&P 500 | 0.17 | 0.03 |
| Max drawdown (3Y) | -29.0% | -31.2% |
| Market cap | $72.5B | $36.4B |
| P/E (trailing) | 36.2 | 25.3 |
| Dividend yield | 2.27% | 3.05% |
| Sector / category | Consumer Staples | Consumer Staples |
Year-by-year returns
| Year | CL | HSY |
|---|---|---|
| 2022 | -5.4% | +21.9% |
| 2023 | +3.8% | -17.9% |
| 2024 | +16.6% | -6.5% |
| 2025 | -11.0% | +11.0% |
| 2026 | +17.2% | +1.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CL and HSY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CL and HSY?
As of 2026-08-27, the correlation of weekly returns between CL and HSY is 0.44 over 3 years, 0.44 over 1 year and 0.46 over 5 years.
Is HSY a good diversifier for CL?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 mean?
A reading of 0.44 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CL correlations · HSY correlations
