CL vs MDLZ: Correlation
Measured on weekly returns over the past three years, Colgate-Palmolive (CL) and Mondelez International (MDLZ) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CL and MDLZ?
Over the past 3 years, CL and MDLZ moved with a correlation of 0.58, which is moderate. The relationship has been stable: the 1-year correlation (0.53) sits close to the 3-year figure. Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 202.4 %².
In CL's tracked universe of 40 assets, MDLZ sits right near the top at #3. The trailing year gives CL the advantage: +10.4% versus +4.6%, a 5.8-point spread. The rolling one-year correlation stayed in a tight band between 0.49 and 0.72 over the past three years, which points to a structural rather than episodic relationship.
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 MDLZ: side by side
| CL (Colgate-Palmolive) | MDLZ (Mondelez International) | |
|---|---|---|
| 1-year return | +10.4% | +4.6% |
| 5-year return | +32.0% | +14.7% |
| Volatility (ann.) | 16.9% | 20.5% |
| Beta vs S&P 500 | 0.17 | 0.03 |
| Max drawdown (3Y) | -29.0% | -29.0% |
| Market cap | $72.5B | $79.7B |
| P/E (trailing) | 36.2 | 22.9 |
| Dividend yield | 2.27% | 3.17% |
| Sector / category | Consumer Staples | Consumer Staples |
Year-by-year returns
| Year | CL | MDLZ |
|---|---|---|
| 2022 | -5.4% | +2.9% |
| 2023 | +3.8% | +11.2% |
| 2024 | +16.6% | -15.3% |
| 2025 | -11.0% | -7.0% |
| 2026 | +17.2% | +18.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CL and MDLZ good diversifiers for each other?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CL and MDLZ?
As of 2026-08-27, the correlation of weekly returns between CL and MDLZ is 0.58 over 3 years, 0.53 over 1 year and 0.63 over 5 years.
Is MDLZ a good diversifier for CL?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.58 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
$ curl https://www.pairbook.io/api/v1/pairs/cl-vs-mdlz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cl-vs-mdlz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CL correlations · MDLZ correlations
