KHC vs KO: Correlation
Kraft Heinz (KHC) and Coca-Cola Company (The) (KO) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KHC and KO?
Across a 3-year window, the weekly returns of KHC and KO correlate at 0.44, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.33 versus 0.44 over 3 years. Stretching to 5 years gives 0.50, with an annualized covariance of 145.3 %².
Within KHC's tracked universe of 36 assets, KO comes in at #17 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months KO outperformed by 37.0 percentage points (-3.9% for KHC against +33.1% for KO). The rolling one-year correlation moved between 0.20 and 0.64 over the past three years, a moderate range.
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.
KHC vs KO: side by side
| KHC (Kraft Heinz) | KO (Coca-Cola Company (The)) | |
|---|---|---|
| 1-year return | -3.9% | +33.1% |
| 5-year return | -10.9% | +83.8% |
| Volatility (ann.) | 21.7% | 15.4% |
| Beta vs S&P 500 | 0.12 | 0.11 |
| Max drawdown (3Y) | -38.7% | -15.5% |
| Market cap | $29.8B | $383.2B |
| P/E (trailing) | – | 27.0 |
| Dividend yield | 6.45% | 2.31% |
| Sector / category | Consumer Staples | Consumer Staples |
Year-by-year returns
| Year | KHC | KO |
|---|---|---|
| 2022 | +18.2% | +10.6% |
| 2023 | -5.0% | -4.4% |
| 2024 | -13.0% | +8.9% |
| 2025 | -16.3% | +15.6% |
| 2026 | +7.3% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KHC and KO good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between KHC and KO?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.33 over the last year and 0.50 over 5 years.
Is KO a good diversifier for KHC?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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/khc-vs-ko.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/khc-vs-ko/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: KHC correlations · KO correlations
