FLO vs KHC: Correlation
Measured on weekly returns over the past three years, Flowers Foods, Inc. (FLO) and Kraft Heinz (KHC) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLO and KHC?
On 3 years of weekly data the FLO/KHC correlation comes out at 0.49, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.35 versus 0.49 over 3 years. The 5-year figure is 0.50, and annualized covariance runs at 284.0 %².
In FLO's tracked universe of 15 assets, KHC sits right near the top at #2. The last year tells two different stories: KHC led by 45.8 percentage points, -49.7% for FLO against -3.9% for KHC.
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.
FLO vs KHC: side by side
| FLO (Flowers Foods, Inc.) | KHC (Kraft Heinz) | |
|---|---|---|
| 1-year return | -49.7% | -3.9% |
| 5-year return | -63.2% | -10.9% |
| Volatility (ann.) | 26.8% | 21.7% |
| Beta vs S&P 500 | 0.20 | 0.12 |
| Max drawdown (3Y) | -68.8% | -38.7% |
| Market cap | $1.5B | $29.8B |
| P/E (trailing) | 26.8 | – |
| Dividend yield | 13.81% | 6.45% |
| Sector / category | US Listed | Consumer Staples |
Year-by-year returns
| Year | FLO | KHC |
|---|---|---|
| 2022 | +8.0% | +18.2% |
| 2023 | -18.6% | -5.0% |
| 2024 | -4.3% | -13.0% |
| 2025 | -43.6% | -16.3% |
| 2026 | -33.0% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLO and KHC good diversifiers for each other?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FLO and KHC?
As of 2026-08-27, the correlation of weekly returns between FLO and KHC is 0.49 over 3 years, 0.35 over 1 year and 0.50 over 5 years.
Is KHC a good diversifier for FLO?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.49 mean?
On the −1 to +1 scale, 0.49 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/flo-vs-khc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/flo-vs-khc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FLO correlations · KHC correlations
