KO vs PANW: Correlation
Coca-Cola Company (The) (KO) and Palo Alto Networks (PANW) show a negative relationship: their 3-year correlation of weekly returns is -0.17.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KO and PANW?
On 3 years of weekly data the KO/PANW correlation comes out at -0.17, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.25 over 1 year against -0.17 over 3. The 5-year figure is -0.01, and annualized covariance runs at -108.5 %².
Among the 43 assets we track against KO, PANW ranks #30 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months PANW outperformed by 71.0 percentage points (+33.1% for KO against +104.1% for PANW). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.36 to 0.25. One caveat on sizing: PANW is 2.7 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.
KO vs PANW: side by side
| KO (Coca-Cola Company (The)) | PANW (Palo Alto Networks) | |
|---|---|---|
| 1-year return | +33.1% | +104.1% |
| 5-year return | +83.8% | +400.7% |
| Volatility (ann.) | 15.4% | 42.0% |
| Beta vs S&P 500 | 0.11 | 1.32 |
| Max drawdown (3Y) | -15.5% | -36.0% |
| Market cap | $383.2B | $312.0B |
| P/E (trailing) | 27.0 | 294.5 |
| Dividend yield | 2.31% | 0.00% |
| Sector / category | Consumer Staples | Information Technology |
Year-by-year returns
| Year | KO | PANW |
|---|---|---|
| 2022 | +10.6% | -24.8% |
| 2023 | -4.4% | +111.3% |
| 2024 | +8.9% | +23.4% |
| 2025 | +15.6% | +1.2% |
| 2026 | +29.1% | +107.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KO and PANW good diversifiers for each other?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between KO and PANW?
Using weekly returns as of 2026-08-27: -0.17 over 3 years, with -0.25 over the last year and -0.01 over 5 years.
Is PANW a good diversifier for KO?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.17 mean?
On the −1 to +1 scale, -0.17 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/ko-vs-panw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ko-vs-panw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: KO correlations · PANW correlations
