HSY vs PG: Correlation
Hershey Company (The) (HSY) and Procter & Gamble (PG) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HSY and PG?
On 3 years of weekly data the HSY/PG correlation comes out at 0.37, moderate. The relationship has been stable: the 1-year correlation (0.40) sits close to the 3-year figure. The 5-year figure is 0.40, and annualized covariance runs at 146.0 %².
Among the 30 assets we track against HSY, PG ranks #15 by 3-year correlation. On 12-month performance HSY holds a 8.9-point edge, +2.8% against -6.1%. The rolling one-year correlation moved between 0.28 and 0.54 over the past three years, a moderate range. Note the risk asymmetry: HSY runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 PG: side by side
| HSY (Hershey Company (The)) | PG (Procter & Gamble) | |
|---|---|---|
| 1-year return | +2.8% | -6.1% |
| 5-year return | +16.5% | +13.9% |
| Volatility (ann.) | 25.6% | 15.3% |
| Beta vs S&P 500 | 0.03 | 0.19 |
| Max drawdown (3Y) | -31.2% | -21.2% |
| Market cap | $36.4B | $332.7B |
| P/E (trailing) | 25.3 | 21.9 |
| Dividend yield | 3.05% | 2.94% |
| Sector / category | Consumer Staples | Consumer Staples |
Year-by-year returns
| Year | HSY | PG |
|---|---|---|
| 2022 | +21.9% | -5.0% |
| 2023 | -17.9% | -0.9% |
| 2024 | -6.5% | +17.3% |
| 2025 | +11.0% | -12.3% |
| 2026 | +1.9% | +2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HSY and PG good diversifiers for each other?
Reasonably. At 0.37, HSY and PG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HSY and PG?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.40 over the last year and 0.40 over 5 years.
Is PG a good diversifier for HSY?
Reasonably. At 0.37, HSY and PG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 mean?
A reading of 0.37 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: HSY correlations · PG correlations
