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Relative Intelligence · Food & Beverages

How Coca-Cola (KO) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on KO alone. It places KO (The Coca-Cola Company) against 14 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where KO stands in the market, and of the alternatives worth a closer look.

Period covered: KO's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against KO →Chart KO vs. 14 alternatives →
On this page12 sections

Key findings

How much would $10,000 in KO have grown?

This chart tracks a hypothetical $10,000 investment in KO over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of KO over the same span and KO's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 700 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of KO; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M$10M199720022007201220172022$10,000$100,000$1M$10M19972004201120182025
  • MNST$46M+456,538% total · +33.7% a year
  • COST$727,732+7,177% total · +15.9% a year
  • COKE$514,380+5,044% total · +14.6% a year
  • FIZZ$407,992+3,980% total · +13.6% a year
  • WMT$272,033+2,620% total · +12.1% a year
  • STZ$228,856+2,189% total · +11.4% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • CCEP$129,076+1,191% total · +9.2% a year
  • KOF$107,079+971% total · +8.5% a year
  • KO$60,026+500% total · +6.4% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 905 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of KO; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000202120222023202420252026$0$20,000$40,000$60,000202120222023202420252026
  • COKE$50,300+403% total · +38.1% a year
  • SHEL$25,892+159% total · +21.0% a year
  • TRV$25,788+158% total · +20.9% a year
  • KOF$23,968+140% total · +19.1% a year
  • WMT$23,813+138% total · +18.9% a year
  • LVHI$21,792+118% total · +16.9% a year
  • CCEP$21,567+116% total · +16.6% a year
  • COST$21,378+114% total · +16.4% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • KO$18,994+89.9% total · +13.7% a year
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KO at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$402B
Industry
Beverages - Non-Alcoholic
Price history from
October 1986

Returns

Past 1 year
+40.2%total return
Past 3 years
+86.8%+23.2% a year
Past 5 years
+98.2%+14.7% a year
Past 10 years
+204%+11.8% a year
Best calendar year
+30.4%2007
Worst calendar year
−24.0%2008
Losing years
8 of 29full calendar years

Risk

Volatility
16.8%typical yearly swing, 5 years
Sharpe ratio
0.91return per unit of risk, 5 years
Worst decline ever
−55.5%Jul 1998 to Mar 2003
From its all-time high
At its highwithin 1%

KO against the whole market

Where KO ranks among every stock and fund, and what across the market has done better.

How does KO rank among all stocks?

This section ranks KO on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how KO stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureKORankStanding
1-year return+40.2%726 of 3,287top 22%
3-year return+86.8%1,046 of 3,017top 35%
5-year return+98.2%695 of 2,893top 24%
10-year return+204%849 of 2,202top 39%
Volatility, 5 years16.8%32 of 2,893top 1%
Sharpe ratio, 5 years0.91163 of 2,893top 6%
Worst decline, past 10 years−37.0%86 of 2,187top 4%

What has beaten KO on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). KO sits where the dashed lines cross. Anything in the green box above and to the left earned more than KO with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to KO. 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%12.0%14.0%16.0%18.0%20.0%22.0%24.0%26.0%12.0%14.0%16.0%18.0%20.0%22.0%24.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than KOKO: +14.7% a year, volatility 16.8%SPY (S&P 500): +12.7% a year, volatility 17.1%KOF: +22.3% a year, volatility 24.7%TRV: +22.4% a year, volatility 22.3%LVHI: +17.0% a year, volatility 11.1%SHEL: +21.0% a year, volatility 24.8%MRK: +16.3% a year, volatility 24.8%AMGN: +19.6% a year, volatility 24.9%PVAL: +16.1% a year, volatility 15.1%DBJP: +20.9% a year, volatility 19.2%SDCI: +20.6% a year, volatility 18.4%KOSPY (S&P 500)KOFTRVLVHISHELMRKAMGNPVALDBJPSDCI10.0%15.0%20.0%25.0%30.0%12.0%14.0%16.0%18.0%20.0%22.0%24.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than KOKO: +14.7% a year, volatility 16.8%SPY (S&P 500): +12.7% a year, volatility 17.1%KOF: +22.3% a year, volatility 24.7%TRV: +22.4% a year, volatility 22.3%LVHI: +17.0% a year, volatility 11.1%SHEL: +21.0% a year, volatility 24.8%MRK: +16.3% a year, volatility 24.8%AMGN: +19.6% a year, volatility 24.9%PVAL: +16.1% a year, volatility 15.1%DBJP: +20.9% a year, volatility 19.2%SDCI: +20.6% a year, volatility 18.4%KOSPY (S&P 500)KOFTRVLVHISHELMRKAMGNPVALDBJPSDCI
  • Popular alternatives
  • The whole market
  • 2 with more than 1.6× KO's volatility are in the table only

Is there a better investment than KO?

Investments that beat KO over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat KO over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks KO's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than KO follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than KO's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× KO's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than KO's.

Screen the whole market against KO for any period in BetterThanSPYOpen these 12 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with KO?lower diversifies moreExpenseper year
KOThe Coca-Cola Company · this page
+14.7%16.8%0.91−37.0%+204%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.300.09%
Popular alternativesbest 3 shownThe investments people most often weigh against KO. 3 of 14 passed at least one test.
COKECoca-Cola Consolidated, Inc. · Food & Beverages
On the frontierHigher return in most periods+41.2%38.0%1.10−51.7%+1,569%0.23—
KOFCoca-Cola FEMSA, S.A.B. de C.V. · Food & Beverages
Higher return in most periods+22.3%24.7%0.94−55.1%+119%0.51—
COCOThe Vita Coco Company, Inc. · Beverages - Non-Alcoholic
Higher return in most periods+35.5%56.2%0.82−57.0%———
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 13 of 3,583 passed at least one test.
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
On the frontierHigher return in most periods+22.4%22.3%1.02−46.3%+347%0.46—
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
On the frontierHigher return, lower volatility+17.0%11.1%1.48−32.4%+194%0.620.40%
SHELShell plc · Integrated Oil & Gas
Higher return in most periods+21.0%24.8%0.90−67.2%+233%0.26—
MRKMerck & Co., Inc. · Pharmaceuticals
Higher return in most periods+16.3%24.8%0.74−43.4%+241%0.42—
AMGNAmgen Inc. · Biotechnology
Higher return in most periods+19.6%24.9%0.85−24.9%+266%0.52—
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Higher return, lower volatility+16.1%15.1%1.07−41.3%—0.440.56%
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
On the frontierHigher Sharpe, smaller worst decline+20.9%19.2%1.09−31.3%+348%0.190.45%
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
On the frontierHigher return, similar volatility+20.6%18.4%1.12−45.7%—0.310.80%
What these numbers mean for KO
Annual return
KO returned 14.7% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $19,800. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
KO's volatility over the past 5 years was 16.8%, 1.0 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, KO's return lands within 16.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
KO's Sharpe ratio over the past 5 years was 0.91, against 0.79 for the S&P 500, so KO earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
KO's worst fall from a peak to a low over the past 10 years was 37.0%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 37.0% fall takes a 58.7% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, KO's monthly returns had a correlation of 0.30 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against KO instead: the lower it is, the more that option would diversify a KO holding. Guide: Correlation and diversification →
Show all 2 stocks and funds worth at least $500 million that earned more than KO with less volatility

Out of 3,633 tested over 5 years. Best first; funds that hold the same thing are listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with KOExpense
1
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.620.40%
2
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+16.1%15.1%1.07−41.3%—0.440.56%

KO against its popular alternatives

The investments people most often weigh against KO, compared period by period and year by year.

How do KO's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at KO, which divides the map into what did better or worse on each measure.

Green points earned more than KO with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityKO: 14.7% a year, volatility 16.8%SPY (S&P 500): 12.7% a year, volatility 17.1%KDP: 2.5% a year, volatility 22.1%CELH: −0.9% a year, volatility 66.2%FIZZ: −4.8% a year, volatility 29.9%STZ: −7.8% a year, volatility 25.4%MDLZ: 4.0% a year, volatility 20.2%PRMB: 7.1% a year, volatility 34.2%PEP: −0.5% a year, volatility 19.1%COKE: 41.2% a year, volatility 38.0%COCO: 35.5% a year, volatility 56.2%WMT: 20.8% a year, volatility 22.6%CCEP: 19.7% a year, volatility 23.2%KOF: 22.3% a year, volatility 24.7%COST: 17.4% a year, volatility 22.9%MNST: 17.2% a year, volatility 24.9%KOSPY (S&P 500)KDPCELHFIZZSTZMDLZPRMBPEPCOKECOCOWMTCCEPKOFCOST10.0%20.0%30.0%40.0%50.0%60.0%70.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityKO: 14.7% a year, volatility 16.8%SPY (S&P 500): 12.7% a year, volatility 17.1%KDP: 2.5% a year, volatility 22.1%CELH: −0.9% a year, volatility 66.2%FIZZ: −4.8% a year, volatility 29.9%STZ: −7.8% a year, volatility 25.4%MDLZ: 4.0% a year, volatility 20.2%PRMB: 7.1% a year, volatility 34.2%PEP: −0.5% a year, volatility 19.1%COKE: 41.2% a year, volatility 38.0%COCO: 35.5% a year, volatility 56.2%WMT: 20.8% a year, volatility 22.6%CCEP: 19.7% a year, volatility 23.2%KOF: 22.3% a year, volatility 24.7%COST: 17.4% a year, volatility 22.9%MNST: 17.2% a year, volatility 24.9%KOSPY (S&P 500)KDPCELHFIZZSTZMDLZPRMBPEPCOKECOCOWMTCCEPKOFCOST
All figures
InvestmentAnnual returnVolatility
COKE Coca-Cola Consolidated, Inc.+41.2%38.0%
COCO The Vita Coco Company, Inc.+35.5%56.2%
KOF Coca-Cola FEMSA, S.A.B. de C.V.+22.3%24.7%
WMT Walmart Inc.+20.8%22.6%
CCEP Coca-Cola Europacific Partners PLC+19.7%23.2%
COST Costco Wholesale Corporation+17.4%22.9%
MNST Monster Beverage Corporation+17.2%24.9%
KO This pageThe Coca-Cola Company+14.7%16.8%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
PRMB Primo Brands Corporation+7.1%34.2%
MDLZ Mondelez International, Inc.+4.0%20.2%
KDP Keurig Dr Pepper Inc.+2.5%22.1%
PEP PepsiCo, Inc.−0.5%19.1%
CELH Celsius Holdings, Inc.−0.9%66.2%
FIZZ National Beverage Corp.−4.8%29.9%
STZ Constellation Brands, Inc.−7.8%25.4%
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Has KO consistently beaten its popular alternatives?

This section compares KO with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than KO helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than KO over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
KO The Coca-Cola Company (this page)—+7.3%+14.5%+25.4%+37.9%+40.2%+86.8%+98.2%+204%16.8%0.91−37.0%—$402B—
COKE QualifiedCoca-Cola Consolidated, Inc.4/5 short3/3 longAll-weather+12.3%+17.3%+14.9%+42.9%+61.7%+255%+461%+1,569%38.0%1.10−51.7%—$14B—
COCO QualifiedThe Vita Coco Company, Inc.3/5 short2/3 long+7.9%−16.4%+30.1%+15.5%+48.4%+152%+357%—56.2%0.82−57.0%—$3.5B—
WMT Discount StoresWalmart Inc.1/5 short3/3 long+9.7%+5.3%−7.5%+5.2%+11.0%+130%+158%+508%22.6%0.96−25.7%—$938B—
CCEP Beverages - Non-AlcoholicCoca-Cola Europacific Partners PLC1/5 short3/3 long+12.8%+6.8%+17.8%+29.9%+28.3%+116%+146%+292%23.2%0.90−48.8%—$50B—
KOF Beverages - Non-AlcoholicCoca-Cola FEMSA, S.A.B. de C.V.2/5 short2/3 long+7.5%+15.1%+18.1%+28.7%+46.7%+96.0%+174%+119%24.7%0.94−55.1%—$25B—
COST Discount StoresCostco Wholesale Corporation1/5 short2/3 long+10.7%+6.5%0.0%+16.9%+6.9%+87.2%+123%+685%22.9%0.82−31.4%—$441B—
MNST Beverages - Non-AlcoholicMonster Beverage Corporation0/5 short2/3 long+6.9%−1.4%+21.8%+23.5%+34.9%+88.2%+121%+285%24.9%0.77−30.4%—$92B—
KDP Beverages - Non-AlcoholicKeurig Dr Pepper Inc.2/5 short1/3 long+13.9%+14.6%+32.5%+27.8%+28.7%+31.9%+13.4%+281%22.1%0.23−36.9%—$47B—
CELH Beverages - Non-AlcoholicCelsius Holdings, Inc.0/5 short1/3 long+6.9%+1.8%−11.3%−37.3%−53.5%−44.5%−4.3%+4,120%66.2%0.32−77.9%—$7.6B—
FIZZ Beverages - Non-AlcoholicNational Beverage Corp.1/5 short0/3 long+11.9%+12.8%+14.7%+22.7%+6.7%−5.6%−21.8%+108%29.9%-0.02−69.6%—$3.3B—
STZ Beverages - AlcoholicConstellation Brands, Inc.1/5 short0/3 long+12.1%−0.4%−15.7%−4.0%−3.3%−38.5%−33.2%−6.6%25.4%-0.19−56.0%—$22B—
MDLZ Food ConfectionersMondelez International, Inc.0/5 short0/3 long+7.3%+7.1%+13.6%+22.4%+5.5%+9.2%+21.5%+93.4%20.2%0.29−29.8%—$82B—
PRMB Beverages - Non-AlcoholicPrimo Brands Corporation0/5 short0/3 long−2.3%−17.3%−1.7%+25.5%−7.8%+64.5%+41.2%+79.7%34.2%0.38−64.6%—$7.2B—
PEP Beverages - Non-AlcoholicPepsiCo, Inc.0/5 short0/3 long+3.4%0.0%−12.8%−2.9%−9.2%−6.7%−2.3%+72.6%19.1%0.07−30.3%—$183B—
Open these 15 in EasyCompare

How did KO do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where KO ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with KO and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of KO; gray means the two finished within a fraction of a point. The rank row places KO among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of KO20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
KO This pageThe Coca-Cola Company—+15.6%+8.9%−4.4%+10.6%+11.4%+2.5%+20.6%+6.8%+14.3%−0.3%+5.2%+5.3%+17.2%+6.5%+9.5%+19.0%+30.4%−24.0%+30.4%+23.2%−0.8%−16.2%+18.2%−5.5%−21.9%+6.1%−12.2%+1.3%+27.9%
Rank among alternativesTop quarter in 1 of 298 of 157 of 1515 of 154 of 1512 of 1411 of 148 of 145 of 1411 of 1410 of 1412 of 1411 of 1412 of 1410 of 148 of 1410 of 147 of 147 of 134 of 126 of 127 of 1212 of 126 of 128 of 1211 of 116 of 117 of 116 of 118 of 11
SPY S&P 500State Street SPDR S&P 500 ETF18 of 29+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%+28.7%+33.5%
COKE Coca-Cola Consolidated, Inc.15 of 29+22.6%+38.7%+82.9%−17.1%+133%−5.9%+60.7%−15.0%+23.2%−1.4%+109%+22.1%+11.9%+14.9%+7.4%+5.0%+20.0%−20.1%−12.4%+62.4%−23.2%+10.0%−16.1%+73.3%+2.8%−18.0%−16.0%−16.3%+41.7%
COCO The Vita Coco Company, Inc.4 of 4+43.6%+43.9%+85.6%+23.7%—————————————————————————
WMT Walmart Inc.17 of 29+24.5%+74.0%+12.9%−0.5%+1.9%+23.4%+30.1%−3.4%+46.6%+16.1%−26.6%+11.8%+18.2%+17.1%+13.8%+3.1%−2.5%+20.0%+4.9%+0.2%−10.2%+0.6%+5.6%−11.8%+8.9%−22.7%+70.5%+107%+74.6%
CCEP Coca-Cola Europacific Partners PLC15 of 29+21.2%+18.3%+24.5%+2.3%+15.6%+0.5%+13.8%+18.6%+30.0%−9.3%+14.0%+2.5%+42.0%+26.0%+5.0%+74.8%+79.5%−52.9%+28.7%+7.6%−7.4%−3.9%+1.8%+15.4%+0.2%−4.9%−43.3%+1.0%+121%
KOF Coca-Cola FEMSA, S.A.B. de C.V.16 of 29+27.1%−13.8%+45.1%+29.8%+24.9%−19.8%+2.5%−10.1%+12.4%−8.2%−16.1%−27.5%−17.0%+59.5%+18.3%+27.5%+53.2%−10.9%+31.0%+42.4%+15.2%+13.2%+18.7%−9.5%−9.3%+28.5%+33.8%−31.0%+102%
COST Costco Wholesale Corporation22 of 29−5.4%+39.6%+49.0%−19.1%+51.8%+32.7%+45.7%+10.6%+22.4%+0.3%+18.9%+20.5%+21.9%+28.4%+16.7%+23.7%+14.3%−24.0%+33.2%+7.9%+3.2%+31.1%+32.5%−36.8%+11.1%−12.5%+26.4%+61.8%+77.7%
MNST Monster Beverage Corporation19 of 29+45.9%−8.8%+13.5%+5.7%+3.9%+45.5%+29.1%−22.2%+42.7%−10.7%+37.5%+59.8%+28.1%+14.8%+76.1%+36.3%+14.3%−24.3%+31.2%+72.0%+332%+332%+99.5%+0.5%+8.4%−10.1%−19.8%+197%+70.6%
KDP Keurig Dr Pepper Inc.12 of 17−10.1%−1.1%−4.2%−1.2%+17.5%+13.1%+15.4%+70.3%+25.4%+12.7%+51.5%+74.9%+36.4%+37.5%+37.5%+44.3%+80.1%————————————
CELH Celsius Holdings, Inc.12 of 18+73.7%−51.7%+57.2%+39.5%+48.2%+942%+38.8%−33.7%+114%+26.3%+288%+47.1%+70.0%−4.8%−50.0%−91.7%+534%−75.1%———————————
FIZZ National Beverage Corp.18 of 29−25.3%−8.0%+6.9%+2.6%+13.4%+77.1%−28.9%−23.9%+93.8%+15.7%+101%+12.2%+38.3%+5.9%+22.4%+23.9%+53.9%+12.1%−26.3%+60.4%+17.6%+12.0%+6.4%+29.4%+32.1%+8.7%−11.8%−7.6%+12.8%
STZ Constellation Brands, Inc.18 of 29−36.0%−7.1%+5.8%−6.4%+16.1%+17.4%+19.8%−28.7%+50.7%+8.7%+46.2%+39.5%+98.9%+71.2%−6.7%+39.0%+1.1%−33.3%−18.5%+10.6%+12.8%+41.3%+38.8%+10.7%+46.0%+14.9%−11.7%+4.5%+94.0%
MDLZ Mondelez International, Inc.14 of 24−7.0%−15.3%+11.2%+2.9%+15.9%+8.6%+40.4%−4.3%−1.6%+0.6%+25.4%+4.6%+41.7%+121%+24.7%+22.8%+8.8%−13.0%−4.1%+32.6%−17.3%+14.4%−14.4%+16.9%—————
PRMB Primo Brands Corporation17 of 29−45.9%+115%−1.0%−10.2%+14.0%+41.9%−18.1%+13.3%+4.2%+57.1%+93.9%+73.6%+154%−58.5%−78.6%+73.4%+540%−80.8%−53.4%−2.7%−40.5%−11.7%+57.2%+12.1%+108%+45.3%+48.6%−57.9%+17.1%
PEP PepsiCo, Inc.14 of 29−1.8%−7.6%−3.3%+6.8%+20.5%+11.7%+27.4%−4.8%+17.8%+7.8%+8.8%+17.3%+24.6%+6.4%+4.8%+10.7%+14.6%−26.0%+23.8%+7.9%+15.3%+13.8%+12.1%−12.2%−0.6%+42.6%−12.4%+14.3%+25.7%
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Risk and diversification

How KO has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were KO's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents KO's five deepest drawdowns since it began trading in 1986, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means KO fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringKO fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−55.5%−27.0%Jul 1998Mar 20034.7 yearsApr 20118.1 years
No named crash−41.1%—Aug 1987Oct 19872 monthsMar 198917 months
Covid crash−37.0%−32.8%Feb 2020Mar 20201 monthJul 202116 months
No named crash−25.3%−2.1%Jun 1997Oct 19974 monthsMar 19985 months
No named crash−21.3%—Jul 1990Aug 19901 monthDec 19904 months

How did KO do in stock market crashes?

This section measures how far KO, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than KO.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
KO This pageThe Coca-Cola Company—−1.4%−16.7%−37.0%−8.8%−7.8%−8.8%−8.3%0.0%−40.6%−31.3%
SPY S&P 500State Street SPDR S&P 500 ETF2 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
COKE Coca-Cola Consolidated, Inc.1 of 10−4.5%−35.5%−30.4%−21.3%−8.5%−28.4%−21.5%−1.8%−48.4%−37.8%
COCO The Vita Coco Company, Inc.0 of 2−6.1%−40.6%————————
WMT Walmart Inc.4 of 10−0.8%−25.7%−13.1%−18.3%−4.9%−22.3%−10.5%−1.5%−26.2%−31.8%
CCEP Coca-Cola Europacific Partners PLC2 of 10−1.5%−28.2%−47.6%−7.4%−2.9%−13.8%−20.4%−0.6%−71.0%−40.3%
KOF Coca-Cola FEMSA, S.A.B. de C.V.2 of 10−4.9%−12.4%−40.1%−10.3%−7.0%−19.3%−14.2%−0.4%−57.7%−35.1%
COST Costco Wholesale Corporation2 of 10−3.1%−31.4%−13.7%−20.8%−6.5%−15.2%−13.5%−1.2%−48.0%−50.1%
MNST Monster Beverage Corporation2 of 10−2.9%−25.9%−27.6%−20.1%−7.0%−25.7%−14.6%−12.4%−69.2%−50.4%
KDP Keurig Dr Pepper Inc.3 of 8−1.5%−12.2%−33.5%−13.6%−1.7%−9.7%−13.0%0.0%——
CELH Celsius Holdings, Inc.0 of 9−7.4%−41.3%−51.8%−26.2%−13.9%−40.9%−50.0%0.0%−95.3%—
FIZZ National Beverage Corp.2 of 10−2.6%−33.1%−19.5%−36.1%−12.0%−30.3%−10.1%−1.1%−31.0%−34.6%
STZ Constellation Brands, Inc.2 of 10−3.8%−16.3%−49.3%−31.1%−3.3%−12.4%−22.5%−5.5%−58.4%−30.2%
MDLZ Mondelez International, Inc.4 of 9−0.5%−18.3%−29.3%−12.3%−7.4%−22.3%−7.4%0.0%−38.2%—
PRMB Primo Brands Corporation1 of 10−4.4%−30.3%−54.3%−26.9%−3.6%−19.5%−75.7%0.0%−92.0%−33.5%
PEP PepsiCo, Inc.4 of 10−0.8%−11.9%−28.3%−12.3%−7.2%−10.2%−8.3%−0.2%−40.4%−33.0%
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How closely does KO move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares KO with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than KO's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
KO This pageThe Coca-Cola Company57%44%1.290.47
WMT Walmart Inc.74%36%2.080.53
COKE Coca-Cola Consolidated, Inc.123%60%2.050.81
COST Costco Wholesale Corporation93%50%1.850.77
KDP Keurig Dr Pepper Inc.59%38%1.560.56
CELH Celsius Holdings, Inc.195%127%1.541.54
CCEP Coca-Cola Europacific Partners PLC69%56%1.250.66
MNST Monster Beverage Corporation87%87%0.990.80
KOF Coca-Cola FEMSA, S.A.B. de C.V.63%73%0.860.68
MDLZ Mondelez International, Inc.45%55%0.820.52
PEP PepsiCo, Inc.48%65%0.750.48
PRMB Primo Brands Corporation71%96%0.741.05
FIZZ National Beverage Corp.73%99%0.730.94
STZ Constellation Brands, Inc.48%111%0.440.79
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What diversifies KO?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with KO's. Because such investments tend not to fall at the same time, pairing KO with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which KO lost money. The last two columns show a portfolio that is 80% KO and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2023201620082005200420022001199980/20 mix volatility80/20 mix annual return
KO The Coca-Cola Company (this page)1.00+98.2%0.91−4.4%−0.3%−24.0%−0.8%−16.2%−5.5%−21.9%−12.2%16.3%+13.7%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.24+225%1.34+42.0%+1.1%−20.8%—————13.8%+16.5%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.49+101%1.04+8.0%+29.8%——————14.7%+14.2%
SMH TechnologyVanEck Semiconductor ETF0.02+323%0.97+73.4%+35.6%−44.7%+10.8%−19.3%−47.0%−14.6%—14.9%+19.4%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.48+85.0%0.96+20.1%+6.3%——————14.2%+13.9%
GLD CommoditiesSPDR Gold Shares0.33+126%0.96+12.7%+8.0%+4.9%+17.8%————14.5%+14.9%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.20+136%0.93+17.6%+7.4%——————14.4%+15.7%
XLE EnergyState Street Energy Select Sector SPDR ETF0.33+177%0.93−0.6%+28.0%−39.0%+40.1%+33.8%−14.8%−18.2%+18.1%15.5%+16.1%
FDVV Dividend & IncomeFidelity High Dividend ETF0.48+85.9%0.92+18.0%———————14.7%+14.0%

Stocks

InvestmentCorrelation5Y returnSharpe2023201620082005200420022001199980/20 mix volatility80/20 mix annual return
KO The Coca-Cola Company (this page)1.00+98.2%0.91−4.4%−0.3%−24.0%−0.8%−16.2%−5.5%−21.9%−12.2%16.3%+13.7%
CAH Medical - DistributionCardinal Health, Inc.0.37+479%1.55+34.1%−17.5%−39.6%+18.7%−4.7%−8.3%−2.5%−36.8%15.8%+18.7%
CLS Hardware, Equipment & PartsCelestica Inc.-0.12+3,143%1.47+160%+7.4%−20.5%−25.2%−6.4%−65.1%−25.6%+350%16.4%+32.3%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.10+1,636%1.46+79.6%+18.3%−15.2%+20.1%+40.0%−9.4%+73.7%−58.7%16.5%+27.9%
MCK Medical - DistributionMcKesson Corporation0.31+413%1.44+24.1%−28.3%−40.4%+64.9%−1.4%−27.2%+4.9%−71.3%15.4%+18.2%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.25+690%1.41+30.4%+0.7%——————15.9%+20.9%
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Common questions

What was KO's worst drawdown?

KO's deepest decline since it began trading in 1986 was 55.5%, from July 1998 to March 2003. It took about eight years from the low to climb back to its old high.

What were KO's best and worst years?

Over 29 full calendar years, KO's best year was 2007, when it returned 30.4%. Its worst was 2008, with a return of -24.0%.

Is there a better investment than KO?

Among KO's popular alternatives, COKE, KOF and COCO were ahead of KO in most short and long periods, though with much bigger swings (38.0%, 24.7% and 56.2% volatility against 16.8%). Few investments have done better on both counts: only two of the 3,633 stocks and funds worth at least $500 million earned more than KO with less volatility over the past 5 years, among them PVAL and LVHI.

Is KO more volatile than the S&P 500?

No. KO's volatility over the past 5 years was 16.8%, 1.0 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, KO's return lands within 16.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is KO's Sharpe ratio?

KO's Sharpe ratio over the past 5 years was 0.91, against 0.79 for the S&P 500, so KO earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is KO with the S&P 500?

Over the past 5 years, KO's monthly returns had a correlation of 0.30 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against KO instead: the lower it is, the more that option would diversify a KO holding.

What are the best alternatives to KO?

Of the 14 popular alternatives we compared, two outperformed KO in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: COKE and COCO.

Did KO outperform the S&P 500?

KO finished ahead of the S&P 500 (SPY) in 11 of 29 full calendar years. In 2025, it returned +15.6%, against +17.7% for the index.

How did KO do in stock market crashes?

KO fell less than the S&P 500 (SPY) in eight of the ten major crashes it has traded through, and further in two. The clearest case was the dot-com bust, when KO fell 31.3% and the S&P 500 fell 47.5%.

What diversifies KO?

These had a low correlation with KO over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.24), EMLP (correlation 0.49) and SMH (correlation 0.02); among large stocks, CAH (correlation 0.37), CLS (correlation -0.12) and FIX (correlation 0.10). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to KO

Other stocks and ETFs