KDP vs KHC: Correlation
How closely do Keurig Dr Pepper (KDP) and Kraft Heinz (KHC) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KDP and KHC?
Over the past 3 years, KDP and KHC moved with a correlation of 0.36, which is moderate. Recent behaviour matches the longer record: 0.26 over 1 year against 0.36 over 3. Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 186.9 %².
Among the 30 assets we track against KDP, KHC ranks #11 by 3-year correlation. Over the last 12 months KDP came out ahead by 14.8 percentage points (+10.9% against -3.9%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.12 and 0.74 over the past three years, so this pair behaves very differently depending on the market environment.
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.
KDP vs KHC: side by side
| KDP (Keurig Dr Pepper) | KHC (Kraft Heinz) | |
|---|---|---|
| 1-year return | +10.9% | -3.9% |
| 5-year return | +3.1% | -10.9% |
| Volatility (ann.) | 23.6% | 21.7% |
| Beta vs S&P 500 | 0.14 | 0.12 |
| Max drawdown (3Y) | -31.0% | -38.7% |
| Market cap | $43.4B | $29.8B |
| P/E (trailing) | 32.5 | – |
| Dividend yield | 2.86% | 6.45% |
| Sector / category | Consumer Staples | Consumer Staples |
Year-by-year returns
| Year | KDP | KHC |
|---|---|---|
| 2022 | -1.2% | +18.2% |
| 2023 | -4.2% | -5.0% |
| 2024 | -1.1% | -13.0% |
| 2025 | -10.1% | -16.3% |
| 2026 | +16.6% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KDP and KHC good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between KDP and KHC?
As of 2026-08-27, the correlation of weekly returns between KDP and KHC is 0.36 over 3 years, 0.26 over 1 year and 0.40 over 5 years.
Is KHC a good diversifier for KDP?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 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
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Related comparisons
Hubs: KDP correlations · KHC correlations
