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Correlation Analysis

Apple Inc. vs The Hershey Company

AAPL vs HSY

-0.281

Light inverse

When one moves up, the other tends to move down.

AAPL logo

Apple Inc.

AAPL

Apple is among the largest companies in the world, with a broad portfolio of hardware and software products targeted at consumers and businesses. Apple's iPhone makes up a majority of the firm sales, and Apple's other products like Mac, iPad, and Watch are designed around the iPhone as the focal point of an expansive software ecosystem. Apple has progressively worked to add new applications, like streaming video, subscription bundles, and augmented reality. The firm designs its own software and semiconductors while working with subcontractors like Foxconn and TSMC to build its products and chips. Slightly less than half of Apple's sales come directly through its flagship stores, with a majority of sales coming indirectly through partnerships and distribution.

Market cap 3.8T

HSY logo

The Hershey Company

HSY

Hershey is a leading US confectionery manufacturer (around a $55 billion market, according to Euromonitor), controlling 35% of the domestic chocolate aisle. Beyond its namesake label, the firm's portfolio has expanded over the last 85 years and now comprises 100 brands, including Reese's, Kit Kat, Kisses, and Ice Breakers. Hershey's products are sold in about 80 countries, albeit with just a high-single-digit percentage of sales coming from markets outside the US, including Brazil, India, and Mexico. The firm has sought inorganic opportunities to extend its reach beyond its core confectionery business, adding Amplify Snack Brands and its Skinny Pop ready-to-eat popcorn to its portfolio, as well as Pirate Brands, Dot's Pretzels, and LesserEvil over the past few years.

Market cap 42.2B · 19,595 employees

Apr 9, 2021 — Apr 7, 2026Daily1,254 data pointsStockStockTechnology

Time Series

Relative Performance

Green: AAPLGray: HSY36 of 1,254 points (sampled)

Who Moves First

AAPL leads HSY by 6 days

AAPL tends to move before HSY.

After testing 13 timing shifts, the strongest relationship was -0.296 (they moved in opposite directions).

Do They Crash Together?

Correlation by Market Regime

How these series behave when markets are rising, falling, or diverging. A correlation that holds in drawdowns is very different from one that only works in rallies.

Both Rising

-0.501

11 periods · Return correlation when both series rose

Both Falling

+0.050

8 periods · Return correlation when both series fell

Diverging

-0.558

16 periods · Return correlation when series moved apart

R-Squared

7.9%

Share of variance in one series explained by the other.

Trend Agreement

54.8%

How often both series moved in the same direction period-to-period.

Overlap Quality

1,254

Deep shared window — 1,254 usable pairs.

Significance

p < 0.001

95% CI: [-0.332, -0.230]

Scatter

XY Regression

112.3120140160180200220240260280285.6147.6160180200220240260267.7Apple Inc.The Hershey CompanyData pointsFit (r = -0.281)

Pipeline

Data quality details

Pipeline Summary

1,254 paired data points survived the daily window.

Raw input

1,254

1,254

Normalized

1,254

1,254

Prepared

1,254

1,254

Aligned

1,254

1,254

Invalid removed

0

A: 0 / B: 0

Duplicates removed

0

A: 0 / B: 0

Alignment drops

0

A: 0 / B: 0

Series A

AAPL logo

Apple Inc.

AAPL

Market cap 3.8T

Stock · 1,254 raw → 1,254 prepared

Series B

HSY logo

The Hershey Company

HSY

Market cap 42.2B · 19,595 employees

Stock · 1,254 raw → 1,254 prepared

Sign agreement

100.0%

How often both values share the same sign.

Zero crossings

21

Estimated crossover points between normalized spreads.

Slope

-0.1852

Linear regression slope.

Intercept

233.8327

Linear regression intercept.

Related Extremes

Highest and Lowest Correlated

Saved 5 hours ago · ID: stock-aapl-vs-stock-hsy-daily-20260408-gqnpr0