KO vs NVS: Correlation
Coca-Cola Company (The) (KO) and Novartis AG (NVS) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KO and NVS?
On 3 years of weekly data the KO/NVS correlation comes out at 0.45, moderate. Recent behaviour matches the longer record: 0.54 over 1 year against 0.45 over 3. The 5-year figure is 0.46, and annualized covariance runs at 136.0 %².
By 3-year correlation, NVS places #9 of the 43 assets tracked against KO. The trailing year gives KO the advantage: +33.1% versus +25.6%, a 7.5-point spread.
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.
KO vs NVS: side by side
| KO (Coca-Cola Company (The)) | NVS (Novartis AG) | |
|---|---|---|
| 1-year return | +33.1% | +25.6% |
| 5-year return | +83.8% | +103.5% |
| Volatility (ann.) | 15.4% | 19.6% |
| Beta vs S&P 500 | 0.11 | 0.25 |
| Max drawdown (3Y) | -15.5% | -20.0% |
| Market cap | $383.2B | $293.9B |
| P/E (trailing) | 27.0 | 23.4 |
| Dividend yield | 2.31% | 2.96% |
| Sector / category | Consumer Staples | US Listed |
Year-by-year returns
| Year | KO | NVS |
|---|---|---|
| 2022 | +10.6% | +8.1% |
| 2023 | -4.4% | +16.1% |
| 2024 | +8.9% | +0.0% |
| 2025 | +15.6% | +47.0% |
| 2026 | +29.1% | +15.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KO and NVS good diversifiers for each other?
Reasonably. At 0.45, KO and NVS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between KO and NVS?
The KO/NVS correlation stands at 0.45 on a 3-year window (1 year: 0.54, 5 years: 0.46), computed from weekly returns as of 2026-08-27.
Is NVS a good diversifier for KO?
Reasonably. At 0.45, KO and NVS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
A reading of 0.45 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ko-vs-nvs.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ko-vs-nvs/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: KO correlations · NVS correlations
