CCEP vs KDP: Correlation
How closely do Coca-Cola Europacific Partners plc (CCEP) and Keurig Dr Pepper (KDP) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCEP and KDP?
Across a 3-year window, the weekly returns of CCEP and KDP correlate at 0.42, moderate. The relationship has been stable: the 1-year correlation (0.37) sits close to the 3-year figure. Stretching to 5 years gives 0.35, with an annualized covariance of 191.1 %².
Within CCEP's tracked universe of 17 assets, KDP comes in at #7 by 3-year correlation. Over the last 12 months CCEP came out ahead by 13.6 percentage points (+24.5% against +10.9%).
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 KDP: side by side
| CCEP (Coca-Cola Europacific Partners plc) | KDP (Keurig Dr Pepper) | |
|---|---|---|
| 1-year return | +24.5% | +10.9% |
| 5-year return | +115.3% | +3.1% |
| Volatility (ann.) | 19.3% | 23.6% |
| Beta vs S&P 500 | 0.39 | 0.14 |
| Max drawdown (3Y) | -18.2% | -31.0% |
| Market cap | $47.4B | $43.4B |
| P/E (trailing) | 21.0 | 32.5 |
| Dividend yield | 1.90% | 2.86% |
| Sector / category | US Listed | Consumer Staples |
Year-by-year returns
| Year | CCEP | KDP |
|---|---|---|
| 2022 | +2.3% | -1.2% |
| 2023 | +24.5% | -4.2% |
| 2024 | +18.4% | -1.1% |
| 2025 | +21.2% | -10.1% |
| 2026 | +19.6% | +16.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCEP and KDP good diversifiers for each other?
Reasonably. At 0.42, CCEP and KDP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CCEP and KDP?
The CCEP/KDP correlation stands at 0.42 on a 3-year window (1 year: 0.37, 5 years: 0.35), computed from weekly returns as of 2026-08-27.
Is KDP a good diversifier for CCEP?
Reasonably. At 0.42, CCEP and KDP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CCEP correlations · KDP correlations
