CAG vs KO: Correlation
Measured on weekly returns over the past three years, ConAgra Brands, Inc. (CAG) and Coca-Cola Company (The) (KO) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAG and KO?
On 3 years of weekly data the CAG/KO correlation comes out at 0.44, moderate. Little has changed lately, as the 1-year reading of 0.40 lands near the 3-year figure. The 5-year figure is 0.53, and annualized covariance runs at 164.5 %².
By 3-year correlation, KO places #12 of the 34 assets tracked against CAG. The last year tells two different stories: KO led by 42.9 percentage points, -9.8% for CAG against +33.1% for KO. One caveat on sizing: CAG is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
CAG vs KO: side by side
| CAG (ConAgra Brands, Inc.) | KO (Coca-Cola Company (The)) | |
|---|---|---|
| 1-year return | -9.8% | +33.1% |
| 5-year return | -36.6% | +83.8% |
| Volatility (ann.) | 24.2% | 15.4% |
| Beta vs S&P 500 | -0.05 | 0.11 |
| Max drawdown (3Y) | -56.7% | -15.5% |
| Market cap | $7.7B | $383.2B |
| P/E (trailing) | – | 27.0 |
| Dividend yield | 8.65% | 2.31% |
| Sector / category | US Listed | Consumer Staples |
Year-by-year returns
| Year | CAG | KO |
|---|---|---|
| 2022 | +17.5% | +10.6% |
| 2023 | -22.8% | -4.4% |
| 2024 | +1.5% | +8.9% |
| 2025 | -33.3% | +15.6% |
| 2026 | -2.1% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAG and KO good diversifiers for each other?
Reasonably. At 0.44, CAG and KO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CAG and KO?
The CAG/KO correlation stands at 0.44 on a 3-year window (1 year: 0.40, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is KO a good diversifier for CAG?
Reasonably. At 0.44, CAG and KO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cag-vs-ko.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cag-vs-ko/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CAG correlations · KO correlations
