MSCI vs UTZ: Correlation
Measured on weekly returns over the past three years, MSCI (MSCI) and Utz Brands Inc (UTZ) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSCI and UTZ?
On 3 years of weekly data the MSCI/UTZ correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.38) runs below the 3-year figure (-0.23). The 5-year figure is -0.04, and annualized covariance runs at -388.1 %².
Within MSCI's tracked universe of 27 assets, UTZ comes in at #20 by 3-year correlation. Over the last 12 months UTZ came out ahead by 7.0 percentage points (+1.3% against +8.3%). One caveat on sizing: UTZ is 2.6 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.
MSCI vs UTZ: side by side
| MSCI (MSCI) | UTZ (Utz Brands Inc) | |
|---|---|---|
| 1-year return | +1.3% | +8.3% |
| 5-year return | -5.6% | -16.7% |
| Volatility (ann.) | 25.4% | 65.9% |
| Beta vs S&P 500 | 0.85 | 0.07 |
| Max drawdown (3Y) | -26.0% | -63.8% |
| Market cap | $41.4B | $2.0B |
| P/E (trailing) | 30.9 | – |
| Dividend yield | 1.36% | 2.62% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | MSCI | UTZ |
|---|---|---|
| 2022 | -23.3% | +0.9% |
| 2023 | +22.9% | +3.9% |
| 2024 | +7.3% | -2.1% |
| 2025 | -3.2% | -32.3% |
| 2026 | +0.3% | +39.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSCI and UTZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between MSCI and UTZ?
As of 2026-08-27, the correlation of weekly returns between MSCI and UTZ is -0.23 over 3 years, -0.38 over 1 year and -0.04 over 5 years.
Is UTZ a good diversifier for MSCI?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: MSCI correlations · UTZ correlations
