KDP vs KO: Correlation
Keurig Dr Pepper (KDP) and Coca-Cola Company (The) (KO) show a moderate relationship: their 3-year correlation of weekly returns is 0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KDP and KO?
Over the past 3 years, KDP and KO moved with a correlation of 0.52, which is moderate. The relationship has been stable: the 1-year correlation (0.45) sits close to the 3-year figure. Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 188.4 %².
KO is one of the assets that tracks KDP most closely: it ranks #1 out of the 30 assets we track against KDP. The last year tells two different stories: KO led by 22.2 percentage points, +10.9% for KDP against +33.1% for KO. On a rolling one-year basis the correlation drifted between 0.32 and 0.72, a moderate band. One caveat on sizing: KDP is 1.5 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.
KDP vs KO: side by side
| KDP (Keurig Dr Pepper) | KO (Coca-Cola Company (The)) | |
|---|---|---|
| 1-year return | +10.9% | +33.1% |
| 5-year return | +3.1% | +83.8% |
| Volatility (ann.) | 23.6% | 15.4% |
| Beta vs S&P 500 | 0.14 | 0.11 |
| Max drawdown (3Y) | -31.0% | -15.5% |
| Market cap | $43.4B | $383.2B |
| P/E (trailing) | 32.5 | 27.0 |
| Dividend yield | 2.86% | 2.31% |
| Sector / category | Consumer Staples | Consumer Staples |
Year-by-year returns
| Year | KDP | KO |
|---|---|---|
| 2022 | -1.2% | +10.6% |
| 2023 | -4.2% | -4.4% |
| 2024 | -1.1% | +8.9% |
| 2025 | -10.1% | +15.6% |
| 2026 | +16.6% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KDP and KO good diversifiers for each other?
Only partially. A correlation of 0.52 means KDP and KO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between KDP and KO?
The KDP/KO correlation stands at 0.52 on a 3-year window (1 year: 0.45, 5 years: 0.56), computed from weekly returns as of 2026-08-27.
Is KO a good diversifier for KDP?
Only partially. A correlation of 0.52 means KDP and KO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 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/kdp-vs-ko.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/kdp-vs-ko/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: KDP correlations · KO correlations
