EAF vs KO: Correlation
Measured on weekly returns over the past three years, GrafTech International Ltd. (EAF) and Coca-Cola Company (The) (KO) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EAF and KO?
Across a 3-year window, the weekly returns of EAF and KO correlate at -0.26, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.32 over 1 year against -0.26 over 3. Stretching to 5 years gives -0.09, with an annualized covariance of -387.1 %².
KO is close to the least connected end of EAF's tracked universe, ranking #12 of 12. Correlation aside, the last 12 months split them widely, with KO ahead by 58.4 points (-25.3% versus +33.1%). Risk is not evenly split, since EAF carries 6.2 times the volatility of the other side.
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.
EAF vs KO: side by side
| EAF (GrafTech International Ltd.) | KO (Coca-Cola Company (The)) | |
|---|---|---|
| 1-year return | -25.3% | +33.1% |
| 5-year return | -93.3% | +83.8% |
| Volatility (ann.) | 96.0% | 15.4% |
| Beta vs S&P 500 | 1.47 | 0.11 |
| Max drawdown (3Y) | -86.7% | -15.5% |
| Market cap | $0.2B | $383.2B |
| P/E (trailing) | – | 27.0 |
| Dividend yield | 0.00% | 2.31% |
| Sector / category | US Listed | Consumer Staples |
Year-by-year returns
| Year | EAF | KO |
|---|---|---|
| 2022 | -59.5% | +10.6% |
| 2023 | -53.8% | -4.4% |
| 2024 | -21.0% | +8.9% |
| 2025 | -10.3% | +15.6% |
| 2026 | -52.1% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EAF and KO good diversifiers for each other?
Yes. With a correlation of -0.26, EAF and KO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EAF and KO?
As of 2026-08-27, the correlation of weekly returns between EAF and KO is -0.26 over 3 years, -0.32 over 1 year and -0.09 over 5 years.
Is KO a good diversifier for EAF?
Yes. With a correlation of -0.26, EAF and KO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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/eaf-vs-ko.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/eaf-vs-ko/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EAF correlations · KO correlations
