HSY vs ITW: Correlation
Measured on weekly returns over the past three years, Hershey Company (The) (HSY) and Illinois Tool Works (ITW) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HSY and ITW?
Over the past 3 years, HSY and ITW moved with a correlation of 0.37, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.51 versus 0.37 over 3 years. Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 178.2 %².
By 3-year correlation, ITW places #14 of the 30 assets tracked against HSY. On 12-month performance ITW holds a 5.4-point edge, +2.8% against +8.2%. Across three years, the rolling one-year figure varied moderately, from 0.03 to 0.52.
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.
HSY vs ITW: side by side
| HSY (Hershey Company (The)) | ITW (Illinois Tool Works) | |
|---|---|---|
| 1-year return | +2.8% | +8.2% |
| 5-year return | +16.5% | +36.1% |
| Volatility (ann.) | 25.6% | 19.0% |
| Beta vs S&P 500 | 0.03 | 0.64 |
| Max drawdown (3Y) | -31.2% | -20.6% |
| Market cap | $36.4B | $80.2B |
| P/E (trailing) | 25.3 | 25.8 |
| Dividend yield | 3.05% | 2.26% |
| Sector / category | Consumer Staples | Industrials |
Year-by-year returns
| Year | HSY | ITW |
|---|---|---|
| 2022 | +21.9% | -8.5% |
| 2023 | -17.9% | +21.6% |
| 2024 | -6.5% | -1.0% |
| 2025 | +11.0% | -0.4% |
| 2026 | +1.9% | +15.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HSY and ITW good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HSY and ITW?
The HSY/ITW correlation stands at 0.37 on a 3-year window (1 year: 0.51, 5 years: 0.35), computed from weekly returns as of 2026-08-27.
Is ITW a good diversifier for HSY?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
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/hsy-vs-itw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hsy-vs-itw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HSY correlations · ITW correlations
