COKE vs SPY: Correlation
How closely do Coca-Cola Consolidated, Inc. (COKE) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.12, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COKE and SPY?
Over the past 3 years, COKE and SPY moved with a correlation of 0.12, which is weak. Lately the two have drifted apart, with the 1-year correlation at -0.06 versus 0.12 over 3 years. Over 5 years the correlation is 0.24, and the annualized covariance of weekly returns is 59.5 %².
Among the 10 assets we track against COKE, SPY sits near the bottom by co-movement, at rank #6. Correlation aside, the last 12 months split them widely, with COKE ahead by 46.2 points (+66.8% versus +20.6%). One caveat on sizing: COKE is 2.4 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 SPY: side by side
| COKE (Coca-Cola Consolidated, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +66.8% | +20.6% |
| 5-year return | +408.3% | +82.4% |
| Volatility (ann.) | 34.3% | 14.5% |
| Beta vs S&P 500 | 0.28 | 1.00 |
| Max drawdown (3Y) | -27.4% | -18.8% |
| Market cap | $13.0B | – |
| P/E (trailing) | 25.8 | – |
| Dividend yield | 0.52% | 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 | COKE | SPY |
|---|---|---|
| 2022 | -17.1% | -18.2% |
| 2023 | +82.9% | +26.2% |
| 2024 | +38.7% | +24.9% |
| 2025 | +22.6% | +17.7% |
| 2026 | +27.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COKE and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
FAQ
What is the correlation between COKE and SPY?
Using weekly returns as of 2026-08-27: 0.12 over 3 years, with -0.06 over the last year and 0.24 over 5 years.
Is SPY a good diversifier for COKE?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
What does a correlation of 0.12 mean?
A reading of 0.12 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: COKE correlations · SPY correlations
