HSY vs SPY: Correlation
Hershey Company (The) (HSY) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.02.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HSY and SPY?
Over the past 3 years, HSY and SPY moved with a correlation of 0.02, which is near zero, meaning they move largely independently. Recent behaviour matches the longer record: -0.06 over 1 year against 0.02 over 3. Over 5 years the correlation is 0.13, and the annualized covariance of weekly returns is 5.9 %².
Among the 30 assets we track against HSY, SPY ranks #16 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 17.8 percentage points (+2.8% for HSY against +20.6% for SPY). This link changes with the market regime, having swung between -0.17 and 0.35 on a rolling one-year basis. Risk is not evenly split, since HSY carries 1.8 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 SPY: side by side
| HSY (Hershey Company (The)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +2.8% | +20.6% |
| 5-year return | +16.5% | +82.4% |
| Volatility (ann.) | 25.6% | 14.5% |
| Beta vs S&P 500 | 0.03 | 1.00 |
| Max drawdown (3Y) | -31.2% | -18.8% |
| Market cap | $36.4B | – |
| P/E (trailing) | 25.3 | – |
| Dividend yield | 3.05% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Staples | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | HSY | SPY |
|---|---|---|
| 2022 | +21.9% | -18.2% |
| 2023 | -17.9% | +26.2% |
| 2024 | -6.5% | +24.9% |
| 2025 | +11.0% | +17.7% |
| 2026 | +1.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HSY and SPY good diversifiers for each other?
Yes: at 0.02, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HSY and SPY?
As of 2026-08-27, the correlation of weekly returns between HSY and SPY is 0.02 over 3 years, -0.06 over 1 year and 0.13 over 5 years.
Is SPY a good diversifier for HSY?
Yes: at 0.02, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.02 mean?
A reading of 0.02 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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Hubs: HSY correlations · SPY correlations
