HSY vs MDLZ: Correlation
Hershey Company (The) (HSY) and Mondelez International (MDLZ) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HSY and MDLZ?
Across a 3-year window, the weekly returns of HSY and MDLZ correlate at 0.46, moderate. Little has changed lately, as the 1-year reading of 0.37 lands near the 3-year figure. Stretching to 5 years gives 0.50, with an annualized covariance of 242.2 %².
By 3-year correlation, MDLZ places #4 of the 30 assets tracked against HSY. Neither side won the trailing year by much: +2.8% against +4.6%. The rolling one-year correlation moved between 0.33 and 0.68 over the past three years, a moderate range.
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 MDLZ: side by side
| HSY (Hershey Company (The)) | MDLZ (Mondelez International) | |
|---|---|---|
| 1-year return | +2.8% | +4.6% |
| 5-year return | +16.5% | +14.7% |
| Volatility (ann.) | 25.6% | 20.5% |
| Beta vs S&P 500 | 0.03 | 0.03 |
| Max drawdown (3Y) | -31.2% | -29.0% |
| Market cap | $36.4B | $79.7B |
| P/E (trailing) | 25.3 | 22.9 |
| Dividend yield | 3.05% | 3.17% |
| Sector / category | Consumer Staples | Consumer Staples |
Year-by-year returns
| Year | HSY | MDLZ |
|---|---|---|
| 2022 | +21.9% | +2.9% |
| 2023 | -17.9% | +11.2% |
| 2024 | -6.5% | -15.3% |
| 2025 | +11.0% | -7.0% |
| 2026 | +1.9% | +18.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HSY and MDLZ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HSY and MDLZ?
As of 2026-08-27, the correlation of weekly returns between HSY and MDLZ is 0.46 over 3 years, 0.37 over 1 year and 0.50 over 5 years.
Is MDLZ a good diversifier for HSY?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 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
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Related comparisons
Hubs: HSY correlations · MDLZ correlations
