CCEP vs XLP: Correlation
How closely do Coca-Cola Europacific Partners plc (CCEP) and Consumer Staples Select Sector SPDR Fund (XLP) trade together? Their weekly returns over three years give a correlation of 0.59, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCEP and XLP?
Across a 3-year window, the weekly returns of CCEP and XLP correlate at 0.59, moderate. Little has changed lately, as the 1-year reading of 0.62 lands near the 3-year figure. Stretching to 5 years gives 0.52, with an annualized covariance of 127.1 %².
XLP is one of the assets that tracks CCEP most closely: it ranks #1 out of the 17 assets we track against CCEP. Correlation aside, the last 12 months split them widely, with CCEP ahead by 16.2 points (+24.5% versus +8.3%). One caveat on sizing: CCEP is 1.7 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.
CCEP vs XLP: side by side
| CCEP (Coca-Cola Europacific Partners plc) | XLP (Consumer Staples Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +24.5% | +8.3% |
| 5-year return | +115.3% | +34.7% |
| Volatility (ann.) | 19.3% | 11.1% |
| Beta vs S&P 500 | 0.39 | 0.23 |
| Max drawdown (3Y) | -18.2% | -9.7% |
| Market cap | $47.4B | – |
| P/E (trailing) | 21.0 | – |
| Dividend yield | 1.90% | 2.58% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $14.6B |
| Sector / category | US Listed | Sector ETF |
On the fund side, XLP sits in the Consumer Defensive category at State Street Investment Management, with $14.6B under management, 35 holdings, a 0.08% expense ratio, a 2.58% trailing dividend yield.
Year-by-year returns
| Year | CCEP | XLP |
|---|---|---|
| 2022 | +2.3% | -0.8% |
| 2023 | +24.5% | -0.8% |
| 2024 | +18.4% | +12.2% |
| 2025 | +21.2% | +1.5% |
| 2026 | +19.6% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCEP and XLP good diversifiers for each other?
To a limited degree. At 0.59 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CCEP and XLP?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.62 over the last year and 0.52 over 5 years.
Is XLP a good diversifier for CCEP?
To a limited degree. At 0.59 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.59 mean?
On the −1 to +1 scale, 0.59 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-xlp.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ccep-vs-xlp/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CCEP correlations · XLP correlations
