HSY vs. SPY
HSY (The Hershey Company) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, HSY returned 7.09%/yr vs 15.07%/yr for SPY. Their 0.35 correlation means their historical movements had little consistent relationship.
Performance
HSY vs. SPY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HSY achieves a -2.43% return, which is significantly lower than SPY's 10.13% return. Over the past 10 years, HSY has underperformed SPY with an annualized return of 7.09%, while SPY has yielded a comparatively higher 15.07% annualized return.
HSY
- 1D
- -1.23%
- 1M
- -3.89%
- 6M
- -8.83%
- YTD
- -2.43%
- 1Y
- -4.61%
- 3Y*
- -6.10%
- 5Y*
- 2.05%
- 10Y*
- 7.09%
- ALL TIME*
- 12.05%
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $334.98M | $334.20M | $373.33M | |
| $37.27B | $35.99B | $39.23B |
HSY vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HSY The Hershey Company | -2.43% | 10.98% | -6.51% | -17.88% | 21.86% | 29.58% | 5.90% | 40.20% | -2.92% | 12.33% |
SPY State Street SPDR S&P 500 ETF | 10.13% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between HSY and SPY is -0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.05 |
Correlation (3Y) Balances recent behavior with more history. | 0.05 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.23 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 1993 | 0.35 |
The correlation between HSY and SPY shifts across timeframes, from -0.05 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HSY vs. SPY — Risk / Return Rank
HSY
SPY
HSY vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Hershey Company (HSY) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| HSY | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.63 | ||
| Sortino ratioReturn per unit of downside risk | -2.08 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.27 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.12 | 2.20 | -2.32 |
| Martin ratioReturn relative to average drawdown | -0.23 | 9.40 | -9.63 |
Loading charts...
Drawdowns
HSY vs. SPY - Drawdown Comparison
The maximum HSY drawdown since its inception was -49.15%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for HSY and SPY.
Loading charts...
Drawdown Indicators
| HSY | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.15% | -55.19% | +6.04% |
Max Drawdown (1Y)Largest decline over 1 year | -27.38% | -8.88% | -18.50% |
Max Drawdown (3Y)Largest decline over 3 years | -34.15% | -18.76% | -15.39% |
Max Drawdown (5Y)Largest decline over 5 years | -45.25% | -24.50% | -20.75% |
Max Drawdown (10Y)Largest decline over 10 years | -45.25% | -33.72% | -11.53% |
Current DrawdownCurrent decline from peak | -30.64% | -1.40% | -29.24% |
Average DrawdownAverage peak-to-trough decline | -13.16% | -9.01% | -4.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.40% | 2.08% | +11.32% |
Volatility
HSY vs. SPY - Volatility Comparison
The Hershey Company (HSY) has a higher volatility of 8.22% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that HSY's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HSY | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.22% | 3.58% | +4.64% |
Volatility (6M)Calculated over the trailing 6-month period | 21.96% | 10.14% | +11.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.59% | 12.89% | +14.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.28% | 17.18% | +6.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.08% | 17.95% | +5.13% |
Dividends
HSY vs. SPY - Dividend Comparison
HSY's dividend yield for the trailing twelve months is around 3.22%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HSY The Hershey Company | 3.22% | 3.01% | 3.24% | 2.39% | 1.67% | 1.76% | 2.07% | 2.03% | 2.57% | 2.24% | 2.32% | 2.50% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
HSY and SPY have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HSY has higher volatility (8.22%) compared to SPY (3.58%). In terms of maximum drawdown, HSY dropped -49.15% vs SPY's -55.19%.
SPY currently has the higher Sharpe Ratio (1.52 vs -0.11), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for HSY and SPY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer