HSY vs KO: Correlation
Hershey Company (The) (HSY) and Coca-Cola Company (The) (KO) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HSY and KO?
On 3 years of weekly data the HSY/KO correlation comes out at 0.38, moderate. Recent behaviour matches the longer record: 0.45 over 1 year against 0.38 over 3. The 5-year figure is 0.44, and annualized covariance runs at 150.8 %².
By 3-year correlation, KO places #12 of the 30 assets tracked against HSY. Correlation aside, the last 12 months split them widely, with KO ahead by 30.3 points (+2.8% versus +33.1%). Across three years, the rolling one-year figure varied moderately, from 0.21 to 0.60. Risk is not evenly split, since HSY carries 1.7 times the volatility of the other side.
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 KO: side by side
| HSY (Hershey Company (The)) | KO (Coca-Cola Company (The)) | |
|---|---|---|
| 1-year return | +2.8% | +33.1% |
| 5-year return | +16.5% | +83.8% |
| Volatility (ann.) | 25.6% | 15.4% |
| Beta vs S&P 500 | 0.03 | 0.11 |
| Max drawdown (3Y) | -31.2% | -15.5% |
| Market cap | $36.4B | $383.2B |
| P/E (trailing) | 25.3 | 27.0 |
| Dividend yield | 3.05% | 2.31% |
| Sector / category | Consumer Staples | Consumer Staples |
Year-by-year returns
| Year | HSY | KO |
|---|---|---|
| 2022 | +21.9% | +10.6% |
| 2023 | -17.9% | -4.4% |
| 2024 | -6.5% | +8.9% |
| 2025 | +11.0% | +15.6% |
| 2026 | +1.9% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HSY and KO good diversifiers for each other?
Reasonably. At 0.38, HSY and KO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HSY and KO?
The HSY/KO correlation stands at 0.38 on a 3-year window (1 year: 0.45, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is KO a good diversifier for HSY?
Reasonably. At 0.38, HSY and KO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
A reading of 0.38 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-ko.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hsy-vs-ko/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HSY correlations · KO correlations
