HSY vs LAW: Correlation
How closely do Hershey Company (The) (HSY) and CS Disco, Inc. (LAW) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HSY and LAW?
Over the past 3 years, HSY and LAW moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.41) runs below the 3-year figure (-0.21). Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is -338.6 %².
By 3-year correlation, LAW places #22 of the 30 assets tracked against HSY. The last year tells two different stories: HSY led by 17.2 percentage points, +2.8% for HSY against -14.4% for LAW. One caveat on sizing: LAW is 2.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 LAW: side by side
| HSY (Hershey Company (The)) | LAW (CS Disco, Inc.) | |
|---|---|---|
| 1-year return | +2.8% | -14.4% |
| 5-year return | +16.5% | -91.3% |
| Volatility (ann.) | 25.6% | 62.8% |
| Beta vs S&P 500 | 0.03 | 0.96 |
| Max drawdown (3Y) | -31.2% | -71.7% |
| Market cap | $36.4B | $0.3B |
| P/E (trailing) | 25.3 | – |
| Dividend yield | 3.05% | 0.00% |
| Sector / category | Consumer Staples | US Listed |
Year-by-year returns
| Year | HSY | LAW |
|---|---|---|
| 2022 | +21.9% | -82.3% |
| 2023 | -17.9% | +20.1% |
| 2024 | -6.5% | -34.3% |
| 2025 | +11.0% | +55.5% |
| 2026 | +1.9% | -43.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HSY and LAW good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HSY and LAW?
As of 2026-08-27, the correlation of weekly returns between HSY and LAW is -0.21 over 3 years, -0.41 over 1 year and -0.10 over 5 years.
Is LAW a good diversifier for HSY?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 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-law.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hsy-vs-law/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HSY correlations · LAW correlations
