ESLT vs KO: Correlation
Measured on weekly returns over the past three years, Elbit Systems Ltd. (ESLT) and Coca-Cola Company (The) (KO) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESLT and KO?
Over the past 3 years, ESLT and KO moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.29) sits close to the 3-year figure. Over 5 years the correlation is -0.08, and the annualized covariance of weekly returns is -121.1 %².
KO is close to the least connected end of ESLT's tracked universe, ranking #13 of 13. The last year tells two different stories: ESLT led by 15.4 percentage points, +48.5% for ESLT against +33.1% for KO. Risk is not evenly split, since ESLT carries 2.4 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.
ESLT vs KO: side by side
| ESLT (Elbit Systems Ltd.) | KO (Coca-Cola Company (The)) | |
|---|---|---|
| 1-year return | +48.5% | +33.1% |
| 5-year return | +410.2% | +83.8% |
| Volatility (ann.) | 36.5% | 15.4% |
| Beta vs S&P 500 | 0.26 | 0.11 |
| Max drawdown (3Y) | -29.3% | -15.5% |
| Market cap | $33.7B | $383.2B |
| P/E (trailing) | 54.4 | 27.0 |
| Dividend yield | 0.52% | 2.31% |
| Sector / category | US Listed | Consumer Staples |
Year-by-year returns
| Year | ESLT | KO |
|---|---|---|
| 2022 | -4.8% | +10.6% |
| 2023 | +31.3% | -4.4% |
| 2024 | +22.2% | +8.9% |
| 2025 | +125.1% | +15.6% |
| 2026 | +24.7% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESLT and KO good diversifiers for each other?
Yes. With a correlation of -0.22, ESLT and KO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ESLT and KO?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.29 over the last year and -0.08 over 5 years.
Is KO a good diversifier for ESLT?
Yes. With a correlation of -0.22, ESLT and KO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/eslt-vs-ko.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/eslt-vs-ko/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ESLT correlations · KO correlations
