KDP vs. HSY

Last updated Jun 9, 2026

KDP (Keurig Dr Pepper Inc.) and HSY (The Hershey Company) are both stocks. Both are in the Consumer Defensive sector — KDP in Beverages - Non-Alcoholic, HSY in Confectioners. Over the past 10 years, KDP returned 10.06%/yr vs 8.77%/yr for HSY. At a 0.40 correlation, their price movements are largely independent.

Performance

KDP vs. HSY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Keurig Dr Pepper Inc. (KDP) and The Hershey Company (HSY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KDP achieves a 11.67% return, which is significantly higher than HSY's -1.96% return. Over the past 10 years, KDP has outperformed HSY with an annualized return of 10.06%, while HSY has yielded a comparatively lower 8.77% annualized return.

KDP

• 1D: 0.72%
• 1M: 6.66%
• YTD: 11.67%
• 6M: 7.86%
• 1Y: -3.02%
• 3Y*: 2.31%
• 5Y*: 0.01%
• 10Y*: 10.06%

HSY

• 1D: -4.70%
• 1M: -4.67%
• YTD: -1.96%
• 6M: -1.31%
• 1Y: 12.00%
• 3Y*: -9.14%
• 5Y*: 2.85%
• 10Y*: 8.77%

*Multi-year figures are annualized to reflect compound growth (CAGR)

KDP vs. HSY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KDP Keurig Dr Pepper Inc.	11.67%	-10.14%	-1.05%	-4.24%	-1.23%	17.49%	13.03%	15.43%	65.97%	9.76%
HSY The Hershey Company	-1.96%	10.98%	-6.51%	-17.88%	21.86%	29.58%	5.90%	40.20%	-2.92%	12.33%

Correlation

The correlation between KDP and HSY is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since Apr 29, 2008	0.40

The correlation between KDP and HSY shifts across timeframes, from 0.28 (1 year) to 0.40 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap KDP : $41.93B HSY : $35.93B
EPS KDP : $1.34 HSY : $5.38
PE Ratio KDP : 22.88 HSY : 32.72
PS Ratio KDP : 2.47 HSY : 2.99
PB Ratio KDP : 2.01 HSY : 7.59
Total Revenue (TTM) KDP : $16.94B HSY : $11.99B
Gross Profit (TTM) KDP : $9.11B HSY : $4.17B
EBITDA (TTM) KDP : $3.70B HSY : $2.04B

Return for Risk

KDP vs. HSY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

KDP

KDP Risk / Return Rank: 36
KDP Sharpe Ratio Rank: 38
KDP Sortino Ratio Rank: 32
KDP Omega Ratio Rank: 31
KDP Calmar Ratio Rank: 39
KDP Martin Ratio Rank: 39

HSY

HSY Risk / Return Rank: 53
HSY Sharpe Ratio Rank: 58
HSY Sortino Ratio Rank: 51
HSY Omega Ratio Rank: 49
HSY Calmar Ratio Rank: 54
HSY Martin Ratio Rank: 55

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

KDP vs. HSY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Keurig Dr Pepper Inc. (KDP) and The Hershey Company (HSY). 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.

	KDP	HSY	Difference
Sharpe ratio: Return per unit of total volatility	-0.11	0.44	-0.55
Sortino ratio: Return per unit of downside risk	0.04	0.83	-0.79
Omega ratio: Gain probability vs. loss probability	1.01	1.10	-0.09
Calmar ratio: Return relative to maximum drawdown	-0.11	0.48	-0.59
Martin ratio: Return relative to average drawdown	-0.17	1.26	-1.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KDP vs. HSY - Sharpe Ratio Comparison

The current KDP Sharpe Ratio is -0.11, which is lower than the HSY Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of KDP and HSY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	KDP	HSY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.11	0.44	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.00	0.13	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.38	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.49	+0.07

Drawdowns

KDP vs. HSY - Drawdown Comparison

The maximum KDP drawdown since its inception was -57.42%, which is greater than HSY's maximum drawdown of -49.15%. Use the drawdown chart below to compare losses from any high point for KDP and HSY.

Drawdown Indicators

	KDP	HSY	Difference
Max Drawdown Largest peak-to-trough decline	-57.42%	-49.15%	-8.27%
Max Drawdown (1Y) Largest decline over 1 year	-27.48%	-24.98%	-2.50%
Max Drawdown (3Y) Largest decline over 3 years	-30.99%	-42.23%	+11.24%
Max Drawdown (5Y) Largest decline over 5 years	-31.20%	-45.25%	+14.05%
Max Drawdown (10Y) Largest decline over 10 years	-36.87%	-45.25%	+8.38%
Current Drawdown Current decline from peak	-14.94%	-30.30%	+15.36%
Average Drawdown Average peak-to-trough decline	-8.57%	-13.10%	+4.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.84%	9.54%	+8.30%

Volatility

KDP vs. HSY - Volatility Comparison

The current volatility for Keurig Dr Pepper Inc. (KDP) is 4.92%, while The Hershey Company (HSY) has a volatility of 9.70%. This indicates that KDP experiences smaller price fluctuations and is considered to be less risky than HSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KDP	HSY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.92%	9.70%	-4.78%
Volatility (6M) Calculated over the trailing 6-month period	16.98%	19.99%	-3.01%
Volatility (1Y) Calculated over the trailing 1-year period	27.76%	27.64%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.05%	22.75%	-1.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.86%	23.44%	+0.42%

Dividends

KDP vs. HSY - Dividend Comparison

KDP's dividend yield for the trailing twelve months is around 2.99%, less than HSY's 3.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HSY The Hershey Company	3.21%	3.01%	3.24%	2.39%	1.67%	1.76%	2.07%	2.03%	2.57%	2.24%	2.32%	2.50%
KDP Keurig Dr Pepper Inc.	2.99%	3.28%	2.72%	2.45%	2.14%	1.83%	1.88%	2.07%	407.49%	2.39%	2.34%	2.06%

Financials

KDP vs. HSY - Profitability Comparison

The chart below illustrates the profitability comparison between Keurig Dr Pepper Inc. and The Hershey Company over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

KDP - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Keurig Dr Pepper Inc. reported a gross profit of 2.10B and revenue of 3.98B. Therefore, the gross margin over that period was 52.8%.

HSY - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, The Hershey Company reported a gross profit of 1.22B and revenue of 3.10B. Therefore, the gross margin over that period was 39.4%.

KDP - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Keurig Dr Pepper Inc. reported an operating income of 756.00M and revenue of 3.98B, resulting in an operating margin of 19.0%.

HSY - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, The Hershey Company reported an operating income of 640.69M and revenue of 3.10B, resulting in an operating margin of 20.6%.

KDP - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Keurig Dr Pepper Inc. reported a net income of 270.00M and revenue of 3.98B, resulting in a net margin of 6.8%.

HSY - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, The Hershey Company reported a net income of 435.11M and revenue of 3.10B, resulting in a net margin of 14.0%.

Frequently Asked Questions

Can I hold both KDP and HSY in my portfolio?

KDP and HSY have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KDP or HSY?

HSY has higher volatility (9.70%) compared to KDP (4.92%). In terms of maximum drawdown, KDP dropped -57.42% vs HSY's -49.15%.

Which has better risk-adjusted returns?

HSY currently has the higher Sharpe Ratio (0.44 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.