HSY vs KHC: Correlation
Hershey Company (The) (HSY) and Kraft Heinz (KHC) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HSY and KHC?
On 3 years of weekly data the HSY/KHC correlation comes out at 0.41, moderate. Little has changed lately, as the 1-year reading of 0.36 lands near the 3-year figure. The 5-year figure is 0.42, and annualized covariance runs at 229.4 %².
Among the 30 assets we track against HSY, KHC ranks #11 by 3-year correlation. The trailing year gives HSY the advantage: +2.8% versus -3.9%, a 6.7-point spread. Across three years, the rolling one-year figure varied moderately, from 0.24 to 0.63.
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 KHC: side by side
| HSY (Hershey Company (The)) | KHC (Kraft Heinz) | |
|---|---|---|
| 1-year return | +2.8% | -3.9% |
| 5-year return | +16.5% | -10.9% |
| Volatility (ann.) | 25.6% | 21.7% |
| Beta vs S&P 500 | 0.03 | 0.12 |
| Max drawdown (3Y) | -31.2% | -38.7% |
| Market cap | $36.4B | $29.8B |
| P/E (trailing) | 25.3 | – |
| Dividend yield | 3.05% | 6.45% |
| Sector / category | Consumer Staples | Consumer Staples |
Year-by-year returns
| Year | HSY | KHC |
|---|---|---|
| 2022 | +21.9% | +18.2% |
| 2023 | -17.9% | -5.0% |
| 2024 | -6.5% | -13.0% |
| 2025 | +11.0% | -16.3% |
| 2026 | +1.9% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HSY and KHC good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HSY and KHC?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.36 over the last year and 0.42 over 5 years.
Is KHC a good diversifier for HSY?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 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.
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Related comparisons
Hubs: HSY correlations · KHC correlations
