HSY vs JNJ: Correlation
How closely do Hershey Company (The) (HSY) and Johnson & Johnson (JNJ) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HSY and JNJ?
On 3 years of weekly data the HSY/JNJ correlation comes out at 0.44, moderate. Little has changed lately, as the 1-year reading of 0.51 lands near the 3-year figure. The 5-year figure is 0.42, and annualized covariance runs at 207.4 %².
By 3-year correlation, JNJ places #6 of the 30 assets tracked against HSY. Their recent paths diverged sharply: over the last 12 months JNJ outperformed by 50.9 percentage points (+2.8% for HSY against +53.7% for JNJ). On a rolling one-year basis the correlation drifted between 0.25 and 0.50, a moderate band.
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 JNJ: side by side
| HSY (Hershey Company (The)) | JNJ (Johnson & Johnson) | |
|---|---|---|
| 1-year return | +2.8% | +53.7% |
| 5-year return | +16.5% | +76.0% |
| Volatility (ann.) | 25.6% | 18.5% |
| Beta vs S&P 500 | 0.03 | 0.05 |
| Max drawdown (3Y) | -31.2% | -14.4% |
| Market cap | $36.4B | $640.5B |
| P/E (trailing) | 25.3 | 30.9 |
| Dividend yield | 3.05% | 1.94% |
| Sector / category | Consumer Staples | Health Care |
Year-by-year returns
| Year | HSY | JNJ |
|---|---|---|
| 2022 | +21.9% | +6.0% |
| 2023 | -17.9% | -8.6% |
| 2024 | -6.5% | -4.8% |
| 2025 | +11.0% | +47.5% |
| 2026 | +1.9% | +30.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HSY and JNJ good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HSY and JNJ?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.51 over the last year and 0.42 over 5 years.
Is JNJ a good diversifier for HSY?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
A reading of 0.44 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
$ curl https://www.pairbook.io/api/v1/pairs/hsy-vs-jnj.json
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[](https://www.pairbook.io/pair/hsy-vs-jnj/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HSY correlations · JNJ correlations
