COKE vs KO: Correlation
Measured on weekly returns over the past three years, Coca-Cola Consolidated, Inc. (COKE) and Coca-Cola Company (The) (KO) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COKE and KO?
Over the past 3 years, COKE and KO moved with a correlation of 0.33, which is moderate. Recent behaviour matches the longer record: 0.28 over 1 year against 0.33 over 3. Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 174.3 %².
By 3-year correlation, KO places #5 of the 10 assets tracked against COKE. Their recent paths diverged sharply: over the last 12 months COKE outperformed by 33.7 percentage points (+66.8% for COKE against +33.1% for KO). One caveat on sizing: COKE is 2.2 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.
COKE vs KO: side by side
| COKE (Coca-Cola Consolidated, Inc.) | KO (Coca-Cola Company (The)) | |
|---|---|---|
| 1-year return | +66.8% | +33.1% |
| 5-year return | +408.3% | +83.8% |
| Volatility (ann.) | 34.3% | 15.4% |
| Beta vs S&P 500 | 0.28 | 0.11 |
| Max drawdown (3Y) | -27.4% | -15.5% |
| Market cap | $13.0B | $383.2B |
| P/E (trailing) | 25.8 | 27.0 |
| Dividend yield | 0.52% | 2.31% |
| Sector / category | US Listed | Consumer Staples |
Year-by-year returns
| Year | COKE | KO |
|---|---|---|
| 2022 | -17.1% | +10.6% |
| 2023 | +82.9% | -4.4% |
| 2024 | +38.7% | +8.9% |
| 2025 | +22.6% | +15.6% |
| 2026 | +27.5% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COKE and KO good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between COKE and KO?
Using weekly returns as of 2026-08-27: 0.33 over 3 years, with 0.28 over the last year and 0.32 over 5 years.
Is KO a good diversifier for COKE?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 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/coke-vs-ko.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/coke-vs-ko/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: COKE correlations · KO correlations
