CCEP vs SPY: Correlation
Measured on weekly returns over the past three years, Coca-Cola Europacific Partners plc (CCEP) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.29, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCEP and SPY?
On 3 years of weekly data the CCEP/SPY correlation comes out at 0.29, weak. The past 12 months show a weaker link (0.16) than the 3-year average (0.29). The 5-year figure is 0.40, and annualized covariance runs at 80.5 %².
Out of 17 assets tracked against CCEP, SPY lands near the bottom at #13. Twelve-month performance is nearly a tie, at +24.5% for CCEP and +20.6% for SPY.
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 SPY: side by side
| CCEP (Coca-Cola Europacific Partners plc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +24.5% | +20.6% |
| 5-year return | +115.3% | +82.4% |
| Volatility (ann.) | 19.3% | 14.5% |
| Beta vs S&P 500 | 0.39 | 1.00 |
| Max drawdown (3Y) | -18.2% | -18.8% |
| Market cap | $47.4B | – |
| P/E (trailing) | 21.0 | – |
| Dividend yield | 1.90% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | CCEP | SPY |
|---|---|---|
| 2022 | +2.3% | -18.2% |
| 2023 | +24.5% | +26.2% |
| 2024 | +18.4% | +24.9% |
| 2025 | +21.2% | +17.7% |
| 2026 | +19.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCEP and SPY good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CCEP and SPY?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.16 over the last year and 0.40 over 5 years.
Is SPY a good diversifier for CCEP?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.29 mean?
On the −1 to +1 scale, 0.29 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.
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Related comparisons
Hubs: CCEP correlations · SPY correlations
