KO vs SPY: Correlation
How closely do Coca-Cola Company (The) (KO) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.10, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KO and SPY?
On 3 years of weekly data the KO/SPY correlation comes out at 0.10, weak. The link has loosened recently: the 1-year correlation (-0.05) runs below the 3-year figure (0.10). The 5-year figure is 0.34, and annualized covariance runs at 22.1 %².
Within KO's tracked universe of 43 assets, SPY comes in at #27 by 3-year correlation. Over the last 12 months KO came out ahead by 12.5 percentage points (+33.1% against +20.6%). This link changes with the market regime, having swung between -0.03 and 0.52 on a rolling one-year basis.
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 SPY: side by side
| KO (Coca-Cola Company (The)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +33.1% | +20.6% |
| 5-year return | +83.8% | +82.4% |
| Volatility (ann.) | 15.4% | 14.5% |
| Beta vs S&P 500 | 0.11 | 1.00 |
| Max drawdown (3Y) | -15.5% | -18.8% |
| Market cap | $383.2B | – |
| P/E (trailing) | 27.0 | – |
| Dividend yield | 2.31% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Staples | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | KO | SPY |
|---|---|---|
| 2022 | +10.6% | -18.2% |
| 2023 | -4.4% | +26.2% |
| 2024 | +8.9% | +24.9% |
| 2025 | +15.6% | +17.7% |
| 2026 | +29.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds KO at a 0.53% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are KO and SPY good diversifiers for each other?
Yes. With a correlation of 0.10, KO and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between KO and SPY?
As of 2026-08-27, the correlation of weekly returns between KO and SPY is 0.10 over 3 years, -0.05 over 1 year and 0.34 over 5 years.
Is SPY a good diversifier for KO?
Yes. With a correlation of 0.10, KO and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.10 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: KO correlations · SPY correlations
