Board Thread:Questions and Answers/@comment-394774-20150224185718/@comment-394774-20150225012514

Okay, here's some additional evidence either way. Based purely on the below I would lean toward HYDRA, but I think the strongest evidence either way are items I presented above, especially since the only true on-screen in-universe evidence I've seen so far is the Smithsonian memorial, which uses Hydra.

It's definitely arguable. I'd like to see what anyone else can find, especially if there's some on-screen stuff I missed. At minimum it seems like the alternate capitalization should be acknowledged on the Hydra page.

Hydra Agent of S.H.I.E.L.D. Season 1 box art Captain America: The First Avenger subtitles Book: Phase One: Captain America: The First Avenger (Marvel Cinematic Universe) : Hydra (http://www.amazon.com/Phase-One-Captain-Cinematic-Universe-ebook/dp/B00N7TDPYY/ref=sr_1_5?s=books&ie=UTF8&qid=1424824012&sr=1-5&keywords=captain+america+first+avenger#reader_B00N7TDPYY)

HYDRA Agents of S.H.I.E.L.D.: "Turn, Turn, Turn": HYDRA on warning message in background, although without context it's hard to say if the name was explicitly capitalized or if the whole message was capitalized Agents of S.H.I.E.L.D.: "Turn, Turn, Turn" subtitles (DVD) Captain America: The First Avenger box art Captain America: The First Avenger: The Movie Storybook (see second screen capture) Captain America: The Winter Soldier subtitles (Blu-ray and Ultraviolet) Inconclusive Agents of S.H.I.E.L.D. subtitles (Hulu, Netflix): All dialogue is all caps Captain America: The Winter Soldier: Uses "hydra" (all lower-case in propoganda; probably not a useful source)