COIN vs HSY: Correlation
How closely do Coinbase (COIN) and Hershey Company (The) (HSY) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COIN and HSY?
On 3 years of weekly data the COIN/HSY correlation comes out at -0.19, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.17) sits close to the 3-year figure. The 5-year figure is -0.08, and annualized covariance runs at -381.9 %².
Among the 34 assets we track against COIN, HSY ranks #29 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HSY outperformed by 41.1 percentage points (-38.3% for COIN against +2.8% for HSY). The rolling one-year correlation moved between -0.36 and 0.12 over the past three years, a moderate range. One caveat on sizing: COIN is 3.1 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.
COIN vs HSY: side by side
| COIN (Coinbase) | HSY (Hershey Company (The)) | |
|---|---|---|
| 1-year return | -38.3% | +2.8% |
| 5-year return | -27.4% | +16.5% |
| Volatility (ann.) | 80.0% | 25.6% |
| Beta vs S&P 500 | 2.66 | 0.03 |
| Max drawdown (3Y) | -66.4% | -31.2% |
| Market cap | $50.3B | $36.4B |
| P/E (trailing) | – | 25.3 |
| Dividend yield | 0.00% | 3.05% |
| Sector / category | Financials | Consumer Staples |
Year-by-year returns
| Year | COIN | HSY |
|---|---|---|
| 2022 | -86.0% | +21.9% |
| 2023 | +391.4% | -17.9% |
| 2024 | +42.8% | -6.5% |
| 2025 | -8.9% | +11.0% |
| 2026 | -15.7% | +1.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COIN and HSY good diversifiers for each other?
Yes. With a correlation of -0.19, COIN and HSY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between COIN and HSY?
As of 2026-08-27, the correlation of weekly returns between COIN and HSY is -0.19 over 3 years, -0.17 over 1 year and -0.08 over 5 years.
Is HSY a good diversifier for COIN?
Yes. With a correlation of -0.19, COIN and HSY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 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/coin-vs-hsy.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/coin-vs-hsy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: COIN correlations · HSY correlations
