MDLZ vs PEP: Correlation
How closely do Mondelez International (MDLZ) and PepsiCo (PEP) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDLZ and PEP?
Across a 3-year window, the weekly returns of MDLZ and PEP correlate at 0.51, moderate. The past 12 months show a weaker link (0.32) than the 3-year average (0.51). Stretching to 5 years gives 0.60, with an annualized covariance of 197.4 %².
Within MDLZ's tracked universe of 40 assets, PEP comes in at #8 by 3-year correlation. Over the last 12 months MDLZ came out ahead by 6.2 percentage points (+4.6% against -1.6%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.28 to 0.80.
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.
MDLZ vs PEP: side by side
| MDLZ (Mondelez International) | PEP (PepsiCo) | |
|---|---|---|
| 1-year return | +4.6% | -1.6% |
| 5-year return | +14.7% | +4.9% |
| Volatility (ann.) | 20.5% | 19.1% |
| Beta vs S&P 500 | 0.03 | 0.13 |
| Max drawdown (3Y) | -29.0% | -27.5% |
| Market cap | $79.7B | $190.9B |
| P/E (trailing) | 22.9 | 18.6 |
| Dividend yield | 3.17% | 4.04% |
| Sector / category | Consumer Staples | Consumer Staples |
Year-by-year returns
| Year | MDLZ | PEP |
|---|---|---|
| 2022 | +2.9% | +6.8% |
| 2023 | +11.2% | -3.3% |
| 2024 | -15.3% | -7.6% |
| 2025 | -7.0% | -1.8% |
| 2026 | +18.0% | -0.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDLZ and PEP good diversifiers for each other?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between MDLZ and PEP?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.32 over the last year and 0.60 over 5 years.
Is PEP a good diversifier for MDLZ?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.51 mean?
On the −1 to +1 scale, 0.51 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/mdlz-vs-pep.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mdlz-vs-pep/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDLZ correlations · PEP correlations
