PEP vs PEW: Correlation
How closely do PepsiCo (PEP) and GrabAGun Digital Holdings Inc. (PEW) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PEP and PEW?
On 3 years of weekly data the PEP/PEW correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.22 over 1 year against -0.23 over 3. The 5-year figure is n/a, and annualized covariance runs at -232.0 %².
PEW is close to the least connected end of PEP's tracked universe, ranking #36 of 38. Correlation aside, the last 12 months split them widely, with PEP ahead by 55.5 points (-1.6% versus -57.1%). One caveat on sizing: PEW 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.
PEP vs PEW: side by side
| PEP (PepsiCo) | PEW (GrabAGun Digital Holdings Inc.) | |
|---|---|---|
| 1-year return | -1.6% | -57.1% |
| 5-year return | +4.9% | n/a |
| Volatility (ann.) | 19.1% | 51.2% |
| Beta vs S&P 500 | 0.13 | 0.44 |
| Max drawdown (3Y) | -27.5% | -86.8% |
| Market cap | $190.9B | $0.1B |
| P/E (trailing) | 18.6 | – |
| Dividend yield | 4.04% | 0.00% |
| Sector / category | Consumer Staples | US Listed |
Year-by-year returns
| Year | PEP | PEW |
|---|---|---|
| 2022 | +6.8% | – |
| 2023 | -3.3% | – |
| 2024 | -7.6% | – |
| 2025 | -1.8% | -74.4% |
| 2026 | -0.7% | -21.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PEP and PEW good diversifiers for each other?
Yes. With a correlation of -0.23, PEP and PEW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PEP and PEW?
As of 2026-08-27, the correlation of weekly returns between PEP and PEW is -0.23 over 3 years, -0.22 over 1 year and n/a over 5 years.
Is PEW a good diversifier for PEP?
Yes. With a correlation of -0.23, PEP and PEW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/pep-vs-pew.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pep-vs-pew/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PEP correlations · PEW correlations
