Five-Chesse Pimento Cheese

3/4 cup jarred whole or chopped pimento peppers (about 10 1/2 ounces)
1/2 small shallot, grated
2 ounces cream cheese, softened
6 tablespoons Hellmann’s mayonnaise
6 tablespoons Miracle Whip
2 teaspoons Worcestershire sauce
1/4 teaspoon kosher salt
3–5 dashes hot sauce
6 ounces mild cheddar, shredded
6 ounces sharp cheddar, shredded
3 ounces Parmesan, shredded
3 ounces pepper Jack cheese, shredded
Crackers (for serving)

Drain peppers, reserving liquid, then finely chop if whole.
Process shallot, cream cheese, mayonnaise, Miracle Whip, Worcestershire, salt, hot sauce, and 2 Tbsp. pepper liquid in a food processor until very smooth. Add cheeses and pulse until just combined. Add peppers and pulse until just combined. Serve with crackers alongside.
Do Ahead
Pimento cheese can be made 5 days ahead; cover with plastic, pressing onto surface, and chill.