CLS vs MDLZ: Correlation
How closely do Celestica, Inc. (CLS) and Mondelez International (MDLZ) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLS and MDLZ?
Across a 3-year window, the weekly returns of CLS and MDLZ correlate at -0.25, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.06) runs above the 3-year figure (-0.25). Stretching to 5 years gives -0.12, with an annualized covariance of -313.8 %².
By 3-year correlation, MDLZ places #16 of the 23 assets tracked against CLS. The last year tells two different stories: CLS led by 52.4 percentage points, +57.0% for CLS against +4.6% for MDLZ. Risk is not evenly split, since CLS carries 3.0 times the volatility of the other side.
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.
CLS vs MDLZ: side by side
| CLS (Celestica, Inc.) | MDLZ (Mondelez International) | |
|---|---|---|
| 1-year return | +57.0% | +4.6% |
| 5-year return | +3251.4% | +14.7% |
| Volatility (ann.) | 60.6% | 20.5% |
| Beta vs S&P 500 | 2.49 | 0.03 |
| Max drawdown (3Y) | -54.0% | -29.0% |
| Market cap | $40.0B | $79.7B |
| P/E (trailing) | 32.0 | 22.9 |
| Dividend yield | 0.00% | 3.17% |
| Sector / category | US Listed | Consumer Staples |
Year-by-year returns
| Year | CLS | MDLZ |
|---|---|---|
| 2022 | +1.3% | +2.9% |
| 2023 | +159.8% | +11.2% |
| 2024 | +215.2% | -15.3% |
| 2025 | +220.3% | -7.0% |
| 2026 | +7.4% | +18.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLS and MDLZ good diversifiers for each other?
Yes. With a correlation of -0.25, CLS and MDLZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CLS and MDLZ?
The CLS/MDLZ correlation stands at -0.25 on a 3-year window (1 year: -0.06, 5 years: -0.12), computed from weekly returns as of 2026-08-27.
Is MDLZ a good diversifier for CLS?
Yes. With a correlation of -0.25, CLS and MDLZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
A reading of -0.25 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
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Related comparisons
Hubs: CLS correlations · MDLZ correlations
