The shares could use the sugar rush after trading listlessly all year between gains and losses. As of the close Monday, Hershey was up 2 percent for 2014, while J.M. Smucker was off 2 percent.
Rising dairy costs have weighed on the stocks, causing Hershey last month to lower its guidance for the year and for most analysts to turn neutral on the shares.
But management at Hershey, the maker of Reese's peanut butter cups and Almond Joy among others, is taking action to make the most of this sugar slide, saying last week that it may replace corn syrup with sugar in some products, Reuters reported.
The Kensho search returned a curious sugar bear market winner in Kroger, the supermarket chain.
Indeed, Kroger did have positive returns 77 percent of the time, with a median return of 17 percent amid a drop in sugar, according to Kensho. Cheaper sugar actually gives Kroger's margins a boost because of the many private-label cookies and snacks it makes.
Citigroup initiated Kroger with a "buy" rating Tuesday in part because of higher margins for its private-label goods.
Alongside the sugar drop recently, wheat futures have fallen about 20 percent from their peak price of $7.39 a bushel in May.
The two have historically traded in tandem and that became apparent when the Kensho search yielded two more stock winners: restaurant chain Darden and burrito maker Chipotle.
Darden, which owns the Olive Garden restaurant chain and several other brands, had positive returns for 10 instances and had a median return of 18 percent. Chipotle traded positive on five occasions with a median return of 51 percent.