CCEP vs COKE: Correlation
Measured on weekly returns over the past three years, Coca-Cola Europacific Partners plc (CCEP) and Coca-Cola Consolidated, Inc. (COKE) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCEP and COKE?
On 3 years of weekly data the CCEP/COKE correlation comes out at 0.40, moderate. The relationship has been stable: the 1-year correlation (0.40) sits close to the 3-year figure. The 5-year figure is 0.43, and annualized covariance runs at 266.0 %².
Among the 17 assets we track against CCEP, COKE ranks #8 by 3-year correlation. The last year tells two different stories: COKE led by 42.3 percentage points, +24.5% for CCEP against +66.8% for COKE. Note the risk asymmetry: COKE runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CCEP vs COKE: side by side
| CCEP (Coca-Cola Europacific Partners plc) | COKE (Coca-Cola Consolidated, Inc.) | |
|---|---|---|
| 1-year return | +24.5% | +66.8% |
| 5-year return | +115.3% | +408.3% |
| Volatility (ann.) | 19.3% | 34.3% |
| Beta vs S&P 500 | 0.39 | 0.28 |
| Max drawdown (3Y) | -18.2% | -27.4% |
| Market cap | $47.4B | $13.0B |
| P/E (trailing) | 21.0 | 25.8 |
| Dividend yield | 1.90% | 0.52% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCEP | COKE |
|---|---|---|
| 2022 | +2.3% | -17.1% |
| 2023 | +24.5% | +82.9% |
| 2024 | +18.4% | +38.7% |
| 2025 | +21.2% | +22.6% |
| 2026 | +19.6% | +27.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCEP and COKE good diversifiers for each other?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CCEP and COKE?
The CCEP/COKE correlation stands at 0.40 on a 3-year window (1 year: 0.40, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is COKE a good diversifier for CCEP?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ccep-vs-coke.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ccep-vs-coke/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CCEP correlations · COKE correlations
