CPB vs HSY: Correlation
How closely do The Campbell's Company (CPB) and Hershey Company (The) (HSY) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPB and HSY?
Over the past 3 years, CPB and HSY moved with a correlation of 0.37, which is moderate. Recent behaviour matches the longer record: 0.32 over 1 year against 0.37 over 3. Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 231.3 %².
Within CPB's tracked universe of 20 assets, HSY comes in at #14 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HSY outperformed by 25.6 percentage points (-22.8% for CPB against +2.8% for HSY).
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.
CPB vs HSY: side by side
| CPB (The Campbell's Company) | HSY (Hershey Company (The)) | |
|---|---|---|
| 1-year return | -22.8% | +2.8% |
| 5-year return | -30.8% | +16.5% |
| Volatility (ann.) | 24.5% | 25.6% |
| Beta vs S&P 500 | 0.07 | 0.03 |
| Max drawdown (3Y) | -58.1% | -31.2% |
| Market cap | – | $36.4B |
| P/E (trailing) | 11.4 | 25.3 |
| Dividend yield | 6.72% | 3.05% |
| Sector / category | US Listed | Consumer Staples |
Year-by-year returns
| Year | CPB | HSY |
|---|---|---|
| 2022 | +34.8% | +21.9% |
| 2023 | -21.5% | -17.9% |
| 2024 | +0.1% | -6.5% |
| 2025 | -30.5% | +11.0% |
| 2026 | -12.2% | +1.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPB and HSY good diversifiers for each other?
Reasonably. At 0.37, CPB and HSY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CPB and HSY?
As of 2026-08-27, the correlation of weekly returns between CPB and HSY is 0.37 over 3 years, 0.32 over 1 year and 0.45 over 5 years.
Is HSY a good diversifier for CPB?
Reasonably. At 0.37, CPB and HSY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 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/cpb-vs-hsy.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cpb-vs-hsy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CPB correlations · HSY correlations
