Relative Intelligence · Food & Beverages
How PepsiCo (PEP) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on PEP alone. It places PEP (PepsiCo, Inc.) against 20+ 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 PEP stands in the market, and of the alternatives worth a closer look.
Period covered: PEP'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.
On this page12 sections
Key findings
- Right nowPEP has gone against the market, falling 12.8% over the past 6 months while the S&P 500 rose 9.1%. PEP is 22.8% below its high, bear-market territory, while the S&P 500 sits 1.3% below a record. At a glance ↓
- Stock or market?PEP was flat over the past 3 months, 4.1 points behind the food & beverages ETF XLP (State Street Consumer Staples Select Sector SPDR ETF), which rose 4.1%. The S&P 500 rose 3.9%. Its food & beverage peers did not move as one over the past 3 months: KDP (Keurig Dr Pepper) rose 14.6%, while GIS (General Mills) fell 9.4%.
- Past 1 to 3 yearsOver the past year, PEP fell 9.2% while the S&P 500 rose 15.8%. The same gap shows up over 3 years (6.7% against 89.3%). PEP finished behind the S&P 500 in both 2024 and 2025. By year ↓
- Long termPEP turned $10,000 into $17,300 over the past decade, against $42,100 in the S&P 500. Growth of $10,000 ↓
- In a crashAcross seven sell-offs, PEP has typically lost about 66% as much as the S&P 500. In the 2022 bear market, PEP fell 11.9%, against 24.5% for the S&P 500, and less than food & beverage peers such as KO (Coca-Cola, 16.7%). Crash tests ↓
- DiversificationAgainst the S&P 500, PEP has a correlation of 0.34 over 5 years, less closely than 62% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge. Over 10 years, PEP's beta versus the S&P 500 was 0.48: 48% of the S&P 500's gains in rising months and 65% of its losses in falling ones. Market capture ↓
- Better options
- Nearby categories and themes
- CCEP (Coca-Cola Europacific Partners, food & beverages) and BUD (Anheuser-Busch InBev SA/NV, alcoholic beverages) were ahead of PEP in most short and long periods.
- Whole market
- 553 of the 3,633 stocks and funds worth at least $500 million earned more than PEP with less volatility over the past 5 years, among them VTI (Vanguard Morningstar Total Stock Market ETF), VOO (Vanguard S&P 500 ETF) and BRK-B (Berkshire Hathaway).
How much would $10,000 in PEP have grown?
This chart tracks a hypothetical $10,000 investment in PEP over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of PEP over the same span and PEP'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.
- $10,000 invested in PEP at the end of September 1997 would have grown to $64,589 by September 2026, less than the $132,907 it would have become in SPY, an S&P 500 fund.
- Six of the eight other investments on the chart ended ahead of PEP, and MNST finished highest, at $45,663,831.
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. 679 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of PEP; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- MNST$46M+456,538% total · +33.7% a year
- COST$727,732+7,177% total · +15.9% a year
- FIZZ$407,992+3,980% total · +13.6% a year
- WMT$272,033+2,620% total · +12.1% a year
- SPY (S&P 500)$132,907+1,229% total · +9.3% a year
- KR$112,086+1,021% total · +8.7% a year
- ADM$78,052+681% total · +7.3% a year
- PEP$64,589+546% total · +6.6% a year
- KO$60,026+500% total · +6.4% a year
- PRMB$32,237+222% total · +4.1% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,542 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of PEP; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- WMT$23,813+138% total · +18.9% 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
- MNST$18,739+87.4% total · +13.4% a year
- KR$16,158+61.6% total · +10.1% a year
- ADM$15,236+52.4% total · +8.8% a year
- MDLZ$11,375+13.7% total · +2.6% a year
- KDP$10,143+1.4% total · +0.3% a year
- PEP$9,908−0.9% total · −0.2% a year
PEP 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.
- PEP is still 22.8% below its all-time high.
- PEP's deepest decline since it began trading in 1986 was 40.4%, from January 2008 to March 2009. It took about three years from the low to climb back to its old high.
- Over 29 full calendar years, PEP's best was 2000, when it returned 42.6%, and its worst was 2008, when it lost 26.0%. It lost money in eight of those years.
The company
- Market value
- $183B
- Industry
- Beverages - Non-Alcoholic
- Price history from
- October 1986
Returns
- Past 1 year
- −9.2%total return
- Past 3 years
- −6.7%−2.3% a year
- Past 5 years
- −2.3%−0.5% a year
- Past 10 years
- +72.6%+5.6% a year
- Best calendar year
- +42.6%2000
- Worst calendar year
- −26.0%2008
- Losing years
- 8 of 29full calendar years
Risk
- Volatility
- 19.1%typical yearly swing, 5 years
- Sharpe ratio
- 0.07return per unit of risk, 5 years
- Worst decline ever
- −40.4%Jan 2008 to Mar 2009
- From its all-time high
- −22.8%below the peak
PEP against the whole market
Where PEP ranks among every stock and fund, and what across the market has done better.
How does PEP rank among all stocks?
This section ranks PEP 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 PEP stacks up against its peers, these rankings show where it stands in the market as a whole.
- PEP's worst decline of the past 10 years ranks in the top 1% of the 2,187 stocks worth at least $300 million, where the top fell the least.
- PEP's 3-year return ranks in the bottom 19% of the 3,017 stocks worth at least $300 million with 3 years of history.
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.
| Measure | PEP | Rank | Standing |
|---|---|---|---|
| 1-year return | −9.2% | 2,320 of 3,287 | bottom 30% |
| 3-year return | −6.7% | 2,433 of 3,017 | bottom 20% |
| 5-year return | −2.3% | 1,758 of 2,893 | bottom 40% |
| 10-year return | +72.6% | 1,460 of 2,202 | bottom 35% |
| Volatility, 5 years | 19.1% | 70 of 2,893 | top 2% |
| Sharpe ratio, 5 years | 0.07 | 2,192 of 2,893 | bottom 25% |
| Worst decline, past 10 years | −30.3% | 22 of 2,187 | top 1% |
What has beaten PEP 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). PEP sits where the dashed lines cross. Anything in the green box above and to the left earned more than PEP 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.
- 24 stocks and 529 ETFs worth at least $500 million sit in the green region: each earned more than PEP over the past 5 years with smaller price swings. That is 15% of the 3,633 screened.
- Among those with at least half PEP's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 42% less than PEP's 19.1%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.07 for PEP.
- Among PEP's popular alternatives, KO is in the region. KO earned 14.7% a year against a loss of 0.5% a year for PEP, at 16.8% volatility, 12% less than PEP's 19.1%.
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 PEP; faint dots are 93 more of the 553 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than PEP?
Investments that beat PEP over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among PEP's popular alternatives, KO earned more than PEP with less volatility over the past 5 years: 14.7% a year at 16.8% volatility, against a loss of 0.5% a year at 19.1%.
- Looking beyond its popular alternatives, CCEP (food & beverages) and BUD (alcoholic beverages) were ahead of PEP in most short and long periods.
- Across the whole market, 553 of the 3,633 stocks and funds worth at least $500 million earned more than PEP with less volatility over the past 5 years, among them VTI, VOO and BRK-B.
How this works
The table below lists investments that beat PEP 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 PEP'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 PEP 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 PEP'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× PEP's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than PEP's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with PEP?lower diversifies more | Expenseper year | |||
| PEPPepsiCo, Inc. · this page | −0.5% | 19.1% | 0.07 | −30.3% | +72.6% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.34 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against PEP. 14 of 23 passed at least one test. | |||||||||
 KOThe Coca-Cola Company · Food & Beverages | Higher return, lower volatilityHigher return in most periods | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.63 | — | |
 MDLZMondelez International, Inc. · Packaged Foods | Higher return, similar volatilityHigher return in most periods | +4.0% | 20.2% | 0.29 | −29.8% | +93.4% | 0.58 | — | |
 WMTWalmart Inc. · Discount Retail | Higher return in most periods | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.31 | — | |
 COSTCostco Wholesale Corporation · Discount Retail | Higher return in most periods | +17.4% | 22.9% | 0.82 | −31.4% | +685% | 0.27 | — | |
 MNSTMonster Beverage Corporation · Food & Beverages | Higher return in most periods | +17.2% | 24.9% | 0.77 | −30.4% | +285% | 0.27 | — | |
 KRThe Kroger Co. · Grocery Stores | Higher return in most periods | +12.3% | 27.3% | 0.56 | −43.8% | +151% | 0.32 | — | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Food & Beverages and the categories next to it (Packaged Foods, Packaging, Alcoholic Beverages, Discount Retail), plus PEP's specific themes. 9 of 31 passed at least one test. | |||||||||
 CCEPCoca-Cola Europacific Partners PLC · Food & Beverages | Higher return in most periods | +19.7% | 23.2% | 0.90 | −48.8% | +292% | 0.46 | — | |
 BUDAnheuser-Busch InBev SA/NV · Alcoholic Beverages | Higher return in most periods | +9.7% | 25.0% | 0.50 | −69.8% | −20.0% | 0.42 | — | |
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% | 0.36 | — | |
PKGPackaging Corporation of America · Packaging | Higher return in most periods | +15.4% | 25.8% | 0.69 | −38.2% | +294% | 0.34 | — | |
PSMTPriceSmart, Inc. · Discount Retail | Higher return in most periods | +18.6% | 28.2% | 0.75 | −53.2% | +124% | 0.04 | — | |
AVYAvery Dennison Corporation · Packaging | Higher return in most periods | −1.9% | 25.1% | 0.05 | −43.5% | +182% | 0.50 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,316 of 3,579 passed at least one test. | |||||||||
 SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +3.8% | 0.3% | 13.25 | −0.3% | — | -0.10 | 0.09% | |
JAAAJanus Henderson AAA CLO ETF · CLO Bonds | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +5.1% | 1.7% | 2.98 | −2.6% | — | -0.04 | 0.20% | |
BALTInnovator Defined Wealth Shield ETF · Crypto | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +6.3% | 3.3% | 1.85 | −4.9% | — | 0.24 | 0.69% | |
VRIGInvesco Variable Rate Investment Grade ETF · Bonds | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +4.7% | 1.3% | 3.51 | −13.1% | +40.5% | -0.02 | 0.30% | |
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +6.0% | 2.3% | 2.55 | −21.0% | +58.0% | 0.11 | 0.60% | |
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +7.7% | 13.3% | 0.63 | −23.8% | +101% | 0.08 | — | |
 PGThe Procter & Gamble Company · Household & Personal Products | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +5.1% | 18.3% | 0.37 | −23.8% | +145% | 0.57 | — | |
 BNDVanguard Total Bond Market ETF · Investment Grade Bonds | Similar return, lower volatilityHigher return in most periods | −0.4% | 6.1% | -0.03 | −18.6% | +13.2% | 0.27 | 0.03% | |
What these numbers mean for PEP
- Annual return
- PEP lost 0.5% 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 $9,770. 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
- PEP's volatility over the past 5 years was 19.1%, 1.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, PEP's return lands within 19.1% 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
- PEP's Sharpe ratio over the past 5 years was 0.07, against 0.79 for the S&P 500, so PEP earned less 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
- PEP's worst fall from a peak to a low over the past 10 years was 30.3%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 30.3% fall takes a 43.5% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, PEP's monthly returns had a correlation of 0.34 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 PEP instead: the lower it is, the more that option would diversify a PEP holding. Guide: Correlation and diversification →
Show all 553 stocks and funds worth at least $500 million that earned more than PEP with less volatility
Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with PEP | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds | Whole market | +3.8% | 0.3% | 13.25 | −0.3% | — | -0.10 | 0.09% |
| 2 | JAAAJanus Henderson AAA CLO ETF · CLO Bonds | Whole market | +5.1% | 1.7% | 2.98 | −2.6% | — | -0.04 | 0.20% |
| 3 | BALTInnovator Defined Wealth Shield ETF · Crypto | Whole market | +6.3% | 3.3% | 1.85 | −4.9% | — | 0.24 | 0.69% |
| 4 | VRIGInvesco Variable Rate Investment Grade ETF · Bonds | Whole market | +4.7% | 1.3% | 3.51 | −13.1% | +40.5% | -0.02 | 0.30% |
| 5 | FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials | Whole market | +6.0% | 2.3% | 2.55 | −21.0% | +58.0% | 0.11 | 0.60% |
| 6 | FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds | Whole market | +4.5% | 1.8% | 2.48 | −13.5% | +35.9% | -0.09 | 0.15% |
| 7 |  VTIPVanguard Short-Term Inflation-Protected Securities ETF · Treasury Bonds | Whole market | +2.7% | 2.9% | 0.94 | −6.3% | +32.7% | 0.33 | 0.03% |
| 8 |  DFACDimensional - US Core Equity 2 ETF · US Total Market | Whole market | +11.4% | 17.0% | 0.72 | −23.1% | — | 0.40 | 0.21% |
| 9 | PJULInnovator U.S. Equity Power Buffer ETF · Broad Market | Whole market | +10.5% | 8.6% | 1.20 | −18.2% | — | 0.35 | 0.79% |
| 10 | FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | Whole market | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.30 | 0.85% |
| 11 |  BSVVanguard Short-Term Bond ETF · Short-Term Bonds | Whole market | +1.7% | 2.8% | 0.63 | −8.5% | +20.5% | 0.21 | 0.03% |
| 12 |  VCSHVanguard Short-Term Corporate Bond ETF · Investment Grade Bonds | Whole market | +2.3% | 2.9% | 0.80 | −12.9% | +28.6% | 0.24 | 0.03% |
| 13 |  JEPIJPMorgan Equity Premium Income ETF · Equity Income | Whole market | +7.5% | 11.0% | 0.71 | −13.7% | — | 0.63 | 0.35% |
| 14 | VNLAJanus Henderson Short Duration Income ETF · Bonds | Whole market | +4.0% | 1.1% | 3.77 | −4.5% | — | 0.08 | 0.25% |
| 15 | FLTRVanEck IG Floating Rate ETF · Multi-Asset | Whole market | +4.8% | 2.1% | 2.20 | −17.8% | +41.8% | -0.11 | 0.14% |
| 16 | CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications | Whole market | +7.7% | 13.3% | 0.63 | −23.8% | +101% | 0.08 | — |
| 17 | FLRNState Street SPDR Bloomberg Investment Grade Floating Rate ETF · Bonds | Whole market | +4.5% | 1.7% | 2.58 | −14.7% | +35.9% | -0.05 | 0.15% |
| 18 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Whole market | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.46 | 0.15% |
| 19 | HYGHiShares Interest Rate Hedged High Yield Bond ETF · Bonds | Whole market | +6.6% | 7.1% | 0.94 | −23.9% | +74.5% | 0.26 | 1.12% |
| 20 | SCHOSchwab Short-Term U.S. Treasury ETF · Treasury Bonds | Whole market | +2.0% | 2.0% | 0.96 | −5.7% | +18.9% | 0.16 | 0.03% |
| 21 | FLDRFidelity Low Duration Bond Factor ETF · Bonds | Whole market | +3.9% | 1.2% | 3.09 | −12.2% | — | 0.11 | 0.15% |
| 22 | USHYiShares Broad USD High Yield Corporate Bond ETF · High Yield Bonds | Whole market | +3.6% | 7.4% | 0.52 | −22.4% | — | 0.31 | 0.08% |
| 23 | TBUXT. Rowe Price Ultra Short-Term Bond ETF · Bonds | Whole market | +4.1% | 1.1% | 3.85 | −1.8% | — | -0.04 | 0.17% |
| 24 | BUFRFT Vest Laddered Buffer ETF · Buffered Equity | Whole market | +9.9% | 10.5% | 0.96 | −13.7% | — | 0.35 | 0.10% |
| 25 | SUBiShares Short-Term National Muni Bond ETF · Municipal Bonds | Whole market | +1.4% | 1.7% | 0.85 | −9.4% | +15.6% | 0.27 | 0.07% |
| 26 | RAVINorthern Trust Ultra-Short Fixed Income ETF · Bonds | Whole market | +3.8% | 1.4% | 2.61 | −3.7% | +30.8% | -0.06 | 0.26% |
| 27 | USTBVictoryShares Short-Term Bond ETF · Bonds | Whole market | +3.6% | 2.0% | 1.73 | −5.3% | — | 0.22 | 0.34% |
| 28 | BKLNInvesco Senior Loan ETF · Bank Loans | Whole market | +5.4% | 4.5% | 1.19 | −24.1% | +50.7% | 0.14 | 0.67% |
| 29 | LMBSFirst Trust Low Duration Opportunities ETF · Mortgage-Backed Securities | Whole market | +3.0% | 2.6% | 1.14 | −6.5% | +25.6% | 0.27 | 0.66% |
| 30 | SRLNState Street Blackstone Senior Loan ETF · Bank Loans | Whole market | +4.7% | 3.9% | 1.18 | −22.3% | +54.2% | 0.12 | 0.70% |
| 31 | XLPState Street Consumer Staples Select Sector SPDR ETF · Consumer Staples | Whole market | +7.2% | 13.8% | 0.57 | −24.5% | +121% | 0.73 | 0.08% |
| 32 | FTSLFirst Trust Senior Loan Fund · Bonds | Whole market | +5.0% | 3.4% | 1.49 | −22.7% | +52.1% | 0.15 | 0.70% |
| 33 | JAVAJPMorgan Active Value ETF · US Large-Cap Value | Whole market | +11.5% | 14.5% | 0.82 | −16.5% | — | — | 0.44% |
| 34 | QYLDGlobal X - Nasdaq 100 Covered Call ETF · Equity Income | Whole market | +8.4% | 15.0% | 0.62 | −24.7% | +156% | 0.21 | 0.60% |
| 35 | DBMFiMGP DBi Managed Futures Strategy ETF · Alternatives | Whole market | +9.8% | 12.4% | 0.82 | −20.4% | — | 0.06 | 0.85% |
| 36 | IAGGiShares Core International Aggregate Bond ETF · International Bonds | Whole market | +1.1% | 4.5% | 0.27 | −13.9% | +20.8% | 0.24 | 0.07% |
| 37 | FLUDFranklin Ultra Short Bond ETF · Bonds | Whole market | +3.9% | 1.4% | 2.74 | −1.7% | — | -0.07 | 0.15% |
| 38 | TSPAT. Rowe Price U.S. Equity Research ETF · Broad Market | Whole market | +13.1% | 17.1% | 0.81 | −24.7% | — | 0.32 | 0.34% |
| 39 | FTLSFirst Trust Long/Short Equity ETF · Broad Market | Whole market | +10.2% | 10.4% | 0.99 | −20.6% | +158% | 0.32 | 0.95% |
| 40 | JMUBJPMorgan Municipal ETF · Municipal Bonds | Whole market | +0.6% | 3.5% | 0.20 | −12.5% | — | 0.26 | 0.18% |
| 41 | AORiShares Core 60/40 Balanced Allocation ETF · Multi-Asset | Whole market | +6.4% | 10.7% | 0.64 | −23.0% | +118% | 0.36 | 0.20% |
| 42 | ACIOAptus Collared Income Opportunity ETF · Dividend & Income | Whole market | +9.3% | 11.1% | 0.86 | −14.2% | — | 0.35 | 0.79% |
| 43 | BSCRInvesco BulletShares 2027 Corporate Bond ETF · Investment Grade Bonds | Whole market | +1.7% | 4.1% | 0.44 | −17.3% | — | 0.16 | 0.10% |
| 44 | SCHYSchwab International Dividend Equity ETF · International | Whole market | +9.5% | 13.3% | 0.75 | −24.0% | — | 0.50 | 0.08% |
| 45 | LDURPIMCO Enhanced Low Duration Active Exchange-Traded Fund · Bonds | Whole market | +2.4% | 2.1% | 1.13 | −8.7% | +26.7% | 0.11 | 0.54% |
| 46 | JPIBJPMorgan International Bond Opportunities ETF · Bonds | Whole market | +2.5% | 4.2% | 0.62 | −13.1% | — | 0.30 | 0.50% |
| 47 |  BRK-BBerkshire Hathaway Inc. · Insurance | Whole market | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.39 | — |
| 48 | INFLHorizon Kinetics Inflation Beneficiaries ETF · Broad Market | Whole market | +11.8% | 17.8% | 0.72 | −21.3% | — | 0.57 | 0.85% |
| 49 | PREFPrincipal Spectrum Preferred Securities Active ETF · Bonds | Whole market | +2.5% | 4.9% | 0.52 | −23.0% | — | 0.23 | 0.55% |
| 50 | TDVGT. Rowe Price Dividend Growth ETF · Dividend & Income | Whole market | +9.6% | 13.8% | 0.73 | −19.2% | — | 0.53 | 0.50% |
| 51 | FTQIFirst Trust Nasdaq BuyWrite Income ETF · Dividend & Income | Whole market | +11.5% | 14.8% | 0.82 | −19.4% | +121% | 0.16 | 0.75% |
| 52 | FLSPFranklin Systematic Style Premia ETF · Alternatives | Whole market | +8.4% | 13.4% | 0.68 | −22.9% | — | 0.18 | 0.65% |
| 53 | SMIGBahl & Gaynor Small/Mid Cap Income Growth ETF · Dividend & Income | Whole market | +6.5% | 16.0% | 0.48 | −19.7% | — | 0.52 | 0.60% |
| 54 | SIXHETC 6 Meridian Hedged Equity Index Option ETF · Broad Market | Whole market | +10.2% | 10.2% | 1.00 | −11.7% | — | 0.56 | 0.31% |
| 55 |  JNJJohnson & Johnson · Pharmaceuticals | Whole market | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.53 | — |
| 56 | QAINYLI Hedge Multi-Strategy Tracker ETF · Alternatives | Whole market | +4.1% | 6.8% | 0.64 | −14.9% | +44.1% | 0.32 | 0.75% |
| 57 | KXIiShares Global Consumer Staples ETF · International | Whole market | +5.6% | 12.9% | 0.49 | −24.6% | +87.8% | 0.66 | 0.38% |
| 58 | HFSIHartford Strategic Income ETF · Bonds | Whole market | +2.3% | 4.9% | 0.48 | −19.3% | — | 0.32 | 0.49% |
| 59 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.61 | 0.40% |
| 60 |  VXUSVanguard Total International Stock ETF · International Equity | Whole market | +8.2% | 16.4% | 0.57 | −36.0% | +140% | 0.38 | 0.05% |
| 61 | DRSKAptus Defined Risk ETF · Crypto | Whole market | +2.0% | 7.5% | 0.30 | −19.9% | — | 0.26 | 0.79% |
| 62 | CDCVictoryShares US EQ Income Enhanced Volatility Wtd ETF · Dividend & Income | Whole market | +6.0% | 12.5% | 0.53 | −21.4% | +168% | 0.59 | 0.38% |
| 63 | KORPAmerican Century Diversified Corporate Bond ETF · Bonds | Whole market | +1.3% | 5.5% | 0.26 | −14.9% | — | 0.31 | 0.29% |
| 64 | ETI-PEntergy Texas, Inc. · Regulated Electric | Whole market | +1.5% | 15.1% | 0.18 | −23.4% | — | 0.37 | — |
| 65 |  VEAVanguard FTSE Developed Markets ETF · Developed International Equity | Whole market | +9.3% | 16.9% | 0.61 | −35.8% | +153% | 0.41 | 0.03% |
| 66 | HNDLStrategy Shares Nasdaq 7HANDL Index ETF · Multi-Asset | Whole market | +3.9% | 11.6% | 0.39 | −23.7% | — | 0.41 | 0.95% |
| 67 | IBDInspire Corporate Bond ETF · Bonds | Whole market | +1.2% | 5.7% | 0.23 | −16.3% | — | 0.24 | 0.41% |
| 68 |  VOVanguard Morningstar Mid-Cap ETF · US Mid-Cap Equity | Whole market | +6.8% | 17.6% | 0.47 | −39.4% | +198% | 0.41 | 0.03% |
| 69 |  VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Whole market | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.53 | 0.04% |
| 70 |  EPDEnterprise Products Partners L.P. · Oil & Gas Midstream | Whole market | +16.4% | 17.1% | 0.98 | −58.1% | +178% | 0.47 | — |
| 71 |  SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.66 | 0.06% |
| 72 |  VTVanguard Total World Stock ETF · Global Equity | Whole market | +10.3% | 16.2% | 0.69 | −34.2% | +223% | 0.37 | 0.06% |
| 73 |  VWOVanguard FTSE Emerging Markets ETF · Emerging Markets Equity | Whole market | +5.2% | 17.5% | 0.38 | −36.4% | +102% | 0.24 | 0.06% |
| 74 |  EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks | Whole market | +5.2% | 8.9% | 0.61 | −25.4% | +37.8% | 0.04 | — |
| 75 |  SCHXSchwab U.S. Large-Cap ETF · US Large-Cap Equity | Whole market | +12.0% | 17.2% | 0.75 | −34.3% | +317% | 0.33 | 0.03% |
| 76 |  RSPInvesco S&P 500 Equal Weight ETF · US Large-Cap Equity | Whole market | +8.2% | 16.1% | 0.57 | −39.0% | +211% | 0.49 | 0.20% |
| 77 |  DUKDuke Energy Corporation · Electric Utilities | Whole market | +7.5% | 18.0% | 0.50 | −37.4% | +132% | 0.53 | — |
| 78 |  DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity | Whole market | +14.7% | 17.5% | 0.87 | −34.7% | — | 0.28 | 0.26% |
| 79 |  QUALiShares MSCI USA Quality Factor ETF · US Quality Equity | Whole market | +11.4% | 17.3% | 0.71 | −34.1% | +293% | 0.35 | 0.15% |
| 80 | EFViShares MSCI EAFE Value ETF · International Equity | Whole market | +13.6% | 15.9% | 0.88 | −43.2% | +157% | 0.46 | 0.31% |
| 81 |  XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity | Whole market | +8.4% | 15.3% | 0.60 | −28.4% | +202% | 0.53 | 0.08% |
| 82 | FNDFSchwab Fundamental International Large Company Index ETF · International Equity | Whole market | +13.6% | 16.3% | 0.87 | −40.2% | +194% | 0.46 | 0.25% |
| 83 | XLIState Street Industrial Select Sector SPDR ETF · US Industrials | Whole market | +11.5% | 17.6% | 0.71 | −42.3% | +246% | 0.49 | 0.08% |
| 84 | HDViShares Core High Dividend ETF · US Dividend Equity | Whole market | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.69 | 0.08% |
| 85 | AVDVAvantis International Small Cap Value ETF · International Equity | Whole market | +13.9% | 17.4% | 0.84 | −43.0% | — | 0.44 | 0.36% |
| 86 | FTSFortis Inc. · Electric Utilities | Whole market | +8.4% | 16.4% | 0.58 | −34.3% | +154% | 0.45 | — |
| 87 | USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity | Whole market | +7.6% | 12.3% | 0.66 | −33.1% | +176% | 0.54 | 0.15% |
| 88 | SPHQInvesco S&P 500 Quality ETF · US Quality Equity | Whole market | +12.0% | 16.7% | 0.76 | −31.6% | +300% | 0.36 | 0.20% |
| 89 | COWZPacer US Cash Cows 100 ETF · US Large-Cap Value | Whole market | +11.4% | 17.7% | 0.70 | −38.7% | — | 0.52 | 0.49% |
| 90 | XLUState Street Utilities Select Sector SPDR ETF · Utilities Equity | Whole market | +7.8% | 17.4% | 0.52 | −36.0% | +138% | 0.55 | 0.08% |
| 91 | SDYState Street SPDR S&P Dividend ETF · US Dividend Equity | Whole market | +7.6% | 14.0% | 0.59 | −36.7% | +157% | 0.66 | 0.35% |
| 92 | SCHVSchwab U.S. Large-Cap Value ETF · US Large-Cap Value | Whole market | +10.2% | 14.4% | 0.75 | −37.1% | +195% | 0.51 | 0.04% |
| 93 | FDVVFidelity High Dividend ETF · US Dividend Equity | Whole market | +13.2% | 14.6% | 0.92 | −40.2% | +253% | 0.50 | 0.15% |
| 94 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Whole market | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.46 | 0.35% |
| 95 | AQNBAlgonquin Power & Utilities Corp. · Junior Subordinated Debt | Whole market | +5.7% | 11.6% | 0.54 | −42.7% | — | -0.28 | — |
| 96 | IOOiShares Global 100 ETF · Global Equity | Whole market | +15.7% | 17.2% | 0.94 | −31.4% | +361% | 0.35 | 0.40% |
| 97 | FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity | Whole market | +13.9% | 14.4% | 0.98 | −41.4% | +199% | 0.66 | 0.43% |
| 98 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.35 | 0.12% |
| 99 | BBCAJPMorgan BetaBuilders Canada ETF · International Equity | Whole market | +11.4% | 16.7% | 0.73 | −42.8% | — | 0.44 | 0.19% |
| 100 | DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income | Whole market | +11.1% | 11.9% | 0.95 | −30.0% | — | 0.60 | 0.56% |
PEP against its popular alternatives
The investments people most often weigh against PEP, compared period by period and year by year.
How do PEP'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 PEP, which divides the map into what did better or worse on each measure.
- Only KO was both more rewarding and calmer than PEP over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, PEP returned -0.5% a year, less than the S&P 500's 12.7%, with higher volatility (19.1% against 17.1%).
Green points earned more than PEP with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| COCO The Vita Coco Company, Inc. | +35.5% | 56.2% |
| WMT Walmart Inc. | +20.8% | 22.6% |
| COST Costco Wholesale Corporation | +17.4% | 22.9% |
| MNST Monster Beverage Corporation | +17.2% | 24.9% |
| KO The Coca-Cola Company | +14.7% | 16.8% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| KR The Kroger Co. | +12.3% | 27.3% |
| ADM Archer-Daniels-Midland Company | +7.4% | 28.7% |
| PRMB Primo Brands Corporation | +7.1% | 34.2% |
| SJM The J. M. Smucker Company | +4.9% | 25.1% |
| MDLZ Mondelez International, Inc. | +4.0% | 20.2% |
| KDP Keurig Dr Pepper Inc. | +2.5% | 22.1% |
| HSY The Hershey Company | +1.3% | 23.4% |
| UTZ Utz Brands, Inc. | −0.4% | 53.8% |
| PEP This pagePepsiCo, Inc. | −0.5% | 19.1% |
| CELH Celsius Holdings, Inc. | −0.9% | 66.2% |
| KHC The Kraft Heinz Company | −3.6% | 23.4% |
| FIZZ National Beverage Corp. | −4.8% | 29.9% |
| BALL Ball Corporation | −5.8% | 30.6% |
| MKC McCormick & Company, Incorporated | −7.8% | 25.4% |
| GIS General Mills, Inc. | −8.1% | 22.6% |
| JJSF J&J Snack Foods Corp. | −9.1% | 28.6% |
| CPB Campbell Soup Company | −10.1% | 25.5% |
| HRL Hormel Foods Corporation | −10.1% | 24.9% |
| CAG Conagra Brands, Inc. | −11.2% | 24.5% |
Has PEP consistently beaten its popular alternatives?
This section compares PEP 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 PEP helps separate lasting outperformance from a single strong stretch.
- 13 of the 23 popular alternatives, led by COST, WMT and KDP, outperformed PEP in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- COST, WMT and KDP outperformed PEP in every long-term period and in all but one short-term period, the most consistent record in the group.
- WMT and MDLZ earned more for the risk they took than PEP (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than PEP 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.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| PEP PepsiCo, Inc. (this page) | — | +3.4% | 0.0% | −12.8% | −2.9% | −9.2% | −6.7% | −2.3% | +72.6% | 19.1% | 0.07 | −30.3% | — | $183B | — |
| COST QualifiedCostco Wholesale Corporation | 5/5 short3/3 longAll-weather | +10.7% | +6.5% | 0.0% | +16.9% | +6.9% | +87.2% | +123% | +685% | 22.9% | 0.82 | −31.4% | — | $441B | — |
| WMT QualifiedWalmart Inc. | 5/5 short3/3 longAll-weather | +9.7% | +5.3% | −7.5% | +5.2% | +11.0% | +130% | +158% | +508% | 22.6% | 0.96 | −25.7% | — | $938B | — |
| KDP QualifiedKeurig Dr Pepper Inc. | 5/5 short3/3 longAll-weather | +13.9% | +14.6% | +32.5% | +27.8% | +28.7% | +31.9% | +13.4% | +281% | 22.1% | 0.23 | −36.9% | — | $47B | — |
| KO QualifiedThe Coca-Cola Company | 5/5 short3/3 longAll-weather | +7.3% | +14.5% | +25.4% | +37.9% | +40.2% | +86.8% | +98.2% | +204% | 16.8% | 0.91 | −37.0% | — | $402B | — |
| KR QualifiedThe Kroger Co. | 5/5 short3/3 longAll-weather | +5.5% | +8.7% | −6.1% | +1.8% | −6.9% | +52.6% | +78.5% | +151% | 27.3% | 0.56 | −43.8% | — | $37B | — |
| MDLZ QualifiedMondelez International, Inc. | 5/5 short3/3 longAll-weather | +7.3% | +7.1% | +13.6% | +22.4% | +5.5% | +9.2% | +21.5% | +93.4% | 20.2% | 0.29 | −29.8% | — | $82B | — |
| MNST QualifiedMonster Beverage Corporation | 4/5 short3/3 longAll-weather | +6.9% | −1.4% | +21.8% | +23.5% | +34.9% | +88.2% | +121% | +285% | 24.9% | 0.77 | −30.4% | — | $92B | — |
| ADM QualifiedArcher-Daniels-Midland Company | 3/5 short3/3 long | −3.5% | −5.5% | +19.2% | +39.1% | +31.1% | +22.1% | +42.9% | +156% | 28.7% | 0.40 | −54.1% | — | $39B | — |
| PRMB QualifiedPrimo Brands Corporation | 3/5 short3/3 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 | — |
| FIZZ QualifiedNational Beverage Corp. | 5/5 short2/3 long | +11.9% | +12.8% | +14.7% | +22.7% | +6.7% | −5.6% | −21.8% | +108% | 29.9% | -0.02 | −69.6% | — | $3.3B | — |
| BALL QualifiedBall Corporation | 5/5 short2/3 long | +7.5% | +3.4% | +0.9% | +21.4% | +33.6% | +51.5% | −25.9% | +78.6% | 30.6% | -0.04 | −55.1% | — | $17B | — |
| SJM QualifiedThe J. M. Smucker Company | 5/5 short2/3 long | +8.2% | +16.3% | +37.7% | +38.3% | +28.1% | +29.3% | +26.7% | +37.2% | 25.1% | 0.32 | −38.1% | — | $14B | — |
| COCO QualifiedThe Vita Coco Company, Inc. | 4/5 short2/3 long | +7.9% | −16.4% | +30.1% | +15.5% | +48.4% | +152% | +357% | — | 56.2% | 0.82 | −57.0% | — | $3.5B | — |
| HSY Food ConfectionersThe Hershey Company | 2/5 short3/3 long | +1.0% | −0.5% | −10.0% | −5.0% | −6.2% | −2.9% | +6.7% | +127% | 23.4% | 0.17 | −45.3% | — | $34B | — |
| UTZ Packaged FoodsUtz Brands, Inc. | 4/5 short1/3 long | +0.5% | +92.6% | +90.0% | +41.9% | +17.3% | +30.5% | −2.1% | — | 53.8% | 0.21 | −75.5% | — | $1.3B | — |
| CELH Beverages - Non-AlcoholicCelsius Holdings, Inc. | 3/5 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 | — |
| JJSF Packaged FoodsJ&J Snack Foods Corp. | 3/5 short0/3 long | +4.8% | +6.2% | +2.3% | −6.9% | −8.8% | −41.5% | −37.8% | −16.0% | 28.6% | -0.19 | −59.3% | — | $1.5B | — |
| KHC Packaged FoodsThe Kraft Heinz Company | 3/5 short0/3 long | −2.2% | −6.4% | +11.0% | +2.8% | −0.9% | −10.0% | −16.9% | −56.7% | 23.4% | -0.04 | −76.1% | — | $28B | — |
| MKC Packaged FoodsMcCormick & Company, Incorporated | 1/5 short0/3 long | −1.7% | −8.0% | −8.2% | −27.3% | −27.3% | −13.5% | −33.6% | +24.3% | 25.4% | -0.20 | −53.1% | — | $13B | — |
| GIS Packaged FoodsGeneral Mills, Inc. | 1/5 short0/3 long | −3.8% | −9.4% | −1.8% | −21.8% | −26.8% | −38.8% | −34.5% | −19.1% | 22.6% | -0.26 | −59.6% | — | $18B | — |
| HRL Packaged FoodsHormel Foods Corporation | 1/5 short0/3 long | +1.8% | −17.6% | −1.2% | −7.4% | −9.6% | −25.6% | −41.4% | −28.0% | 24.9% | -0.31 | −59.1% | — | $11B | — |
| CAG Packaged FoodsConagra Brands, Inc. | 1/5 short0/3 long | −2.8% | −0.2% | +0.8% | −11.8% | −15.9% | −35.9% | −44.7% | −42.0% | 24.5% | -0.36 | −62.5% | — | $6.9B | — |
| CPB Packaged FoodsCampbell Soup Company | 1/5 short0/3 long | +0.9% | −8.9% | −3.8% | −23.7% | −31.9% | −42.6% | −41.2% | −46.6% | 25.5% | -0.29 | −61.1% | — | $5.9B | — |
How did PEP do year by year?
This table shows each investment's total return in every full calendar year since 1997, along with where PEP ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with PEP and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- PEP finished ahead of the S&P 500 in 11 of its 29 full calendar years, and behind it in each of the last three.
- Among its popular alternatives, MNST came out ahead of PEP most often, in 21 of the 29 years both traded.
- Ranked against its popular alternatives each year, PEP finished in the top quarter in three of 29 years and in the bottom quarter in four. In 2025, it ranked 9 of 24.
Newest year first. Green marks a year in which the fund came out ahead of PEP; gray means the two finished within a fraction of a point. The rank row places PEP among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of PEP | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PEP This pagePepsiCo, Inc. | — | −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% |
| Rank among alternatives | Top quarter in 3 of 29 | 9 of 24 | 17 of 24 | 13 of 24 | 11 of 24 | 7 of 23 | 16 of 23 | 12 of 23 | 14 of 22 | 7 of 22 | 14 of 22 | 15 of 21 | 10 of 21 | 14 of 21 | 16 of 21 | 17 of 21 | 14 of 21 | 13 of 21 | 16 of 20 | 5 of 19 | 16 of 19 | 4 of 19 | 12 of 19 | 13 of 19 | 16 of 19 | 14 of 18 | 4 of 18 | 10 of 18 | 8 of 18 | 11 of 18 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 17 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% |
| COST Costco Wholesale Corporation | 20 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% |
| WMT Walmart Inc. | 15 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% |
| 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% | — | — | — | — | — | — | — | — | — | — | — | — |
| KO The Coca-Cola Company | 13 of 29 | +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% |
| KR The Kroger Co. | 15 of 29 | +4.2% | +36.9% | +5.0% | +0.4% | +45.4% | +11.9% | +7.9% | +2.1% | −19.0% | −16.4% | +31.8% | +64.8% | +54.5% | +9.6% | +10.5% | +10.7% | −20.9% | 0.0% | +17.0% | +23.4% | +7.6% | −5.3% | +20.0% | −26.1% | −22.8% | +43.4% | −37.6% | +64.7% | +58.1% |
| MDLZ Mondelez International, Inc. | 12 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% | — | — | — | — | — |
| MNST Monster Beverage Corporation | 21 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% |
| ADM Archer-Daniels-Midland Company | 13 of 29 | +18.2% | −27.5% | −20.4% | +40.0% | +37.3% | +12.4% | +17.1% | +5.3% | −9.5% | +28.4% | −27.7% | +22.3% | +61.8% | −1.8% | −2.9% | −2.0% | +10.8% | −36.9% | +47.2% | +31.1% | +12.2% | +49.3% | +24.9% | −12.1% | +1.9% | +32.4% | −24.6% | −16.2% | +6.6% |
| PRMB Primo Brands Corporation | 15 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% |
| FIZZ National Beverage Corp. | 15 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% |
| BALL Ball Corporation | 18 of 29 | −2.4% | −3.0% | +14.2% | −46.2% | +4.1% | +45.2% | +41.9% | +22.7% | +1.8% | +3.9% | +7.5% | +33.1% | +16.7% | +26.5% | +5.7% | +32.4% | +25.5% | −6.7% | +4.1% | +10.8% | −8.9% | +49.0% | +17.5% | +45.8% | +55.1% | +19.1% | −12.5% | +30.9% | +37.5% |
| SJM The J. M. Smucker Company | 13 of 29 | −7.6% | −9.6% | −17.8% | +20.1% | +21.0% | +14.5% | +14.9% | −22.6% | −0.5% | +6.0% | +25.0% | −0.2% | +22.7% | +13.2% | +22.1% | +9.1% | +46.7% | −4.9% | +8.5% | +13.1% | −4.4% | +6.1% | +16.4% | +11.8% | +29.4% | +48.1% | −19.2% | +7.0% | +37.5% |
| COCO The Vita Coco Company, Inc. | 4 of 4 | +43.6% | +43.9% | +85.6% | +23.7% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| HSY The Hershey Company | 17 of 29 | +11.0% | −6.5% | −17.9% | +21.9% | +29.6% | +5.9% | +40.2% | −2.9% | +12.3% | +18.8% | −12.0% | +9.2% | +37.4% | +19.6% | +34.4% | +35.6% | +6.5% | −8.9% | −18.9% | −8.1% | +1.0% | +46.9% | +16.6% | +1.4% | +7.1% | +38.7% | −22.3% | +1.8% | +43.8% |
| UTZ Utz Brands, Inc. | 3 of 7 | −32.4% | −2.1% | +3.9% | +0.9% | −27.0% | +116% | +6.5% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| 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% | — | — | — | — | — | — | — | — | — | — | — |
| JJSF J&J Snack Foods Corp. | 18 of 29 | −40.0% | −5.4% | +13.7% | −3.4% | +3.3% | −14.2% | +29.0% | −3.6% | +15.2% | +15.9% | +8.7% | +24.5% | +40.1% | +21.1% | +11.6% | +22.0% | +12.6% | +16.3% | −23.7% | +40.7% | +22.1% | +30.3% | +5.7% | +46.1% | +45.3% | −17.9% | −8.5% | +36.6% | +21.4% |
| KHC The Kraft Heinz Company | 3 of 10 | −16.3% | −12.9% | −5.1% | +18.2% | +8.0% | +13.8% | −21.2% | −42.2% | −8.4% | +23.5% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| MKC McCormick & Company, Incorporated | 17 of 29 | −8.3% | +14.0% | −15.7% | −12.7% | +2.7% | +14.3% | +23.7% | +39.0% | +11.4% | +11.1% | +17.5% | +10.1% | +10.7% | +28.7% | +11.0% | +32.1% | +16.9% | −13.8% | +0.5% | +27.2% | −18.2% | +30.3% | +32.1% | +12.6% | +18.6% | +24.0% | −9.8% | +23.0% | +22.8% |
| GIS General Mills, Inc. | 14 of 29 | −23.7% | +1.4% | −20.0% | +28.1% | +18.5% | +13.6% | +43.1% | −31.6% | −0.7% | +10.3% | +11.5% | +10.3% | +27.3% | +3.3% | +17.2% | +3.5% | +20.2% | +9.5% | +1.6% | +20.0% | +1.2% | +12.6% | −1.2% | −7.5% | +19.7% | +28.4% | −5.4% | +11.8% | +16.3% |
| HRL Hormel Foods Corporation | 13 of 29 | −21.3% | +1.2% | −27.5% | −4.7% | +7.0% | +5.4% | +7.8% | +19.7% | +6.7% | −10.6% | +54.5% | +17.2% | +47.3% | +8.8% | +16.5% | +36.0% | +26.5% | −21.7% | +10.1% | +16.3% | +5.9% | +23.6% | +12.6% | −11.9% | +46.4% | −6.4% | +26.3% | +1.8% | +25.0% |
| CAG Conagra Brands, Inc. | 12 of 29 | −33.3% | +1.5% | −22.8% | +17.5% | −2.5% | +8.6% | +65.5% | −42.0% | −2.6% | +24.0% | +19.2% | +11.0% | +17.6% | +15.0% | +21.4% | +1.4% | +45.7% | −28.0% | −9.2% | +38.0% | −28.1% | +15.9% | +10.2% | +9.4% | −4.7% | +19.2% | −26.0% | −2.7% | +35.9% |
| CPB Campbell Soup Company | 12 of 29 | −30.5% | +0.1% | −21.4% | +34.8% | −7.2% | +0.7% | +55.2% | −29.1% | −18.3% | +17.6% | +22.7% | +4.6% | +25.8% | +9.4% | −1.0% | +6.1% | +16.4% | −13.6% | −6.0% | +33.4% | +2.0% | +14.2% | +17.1% | −19.0% | −11.3% | −7.8% | −28.2% | 0.0% | +47.8% |
Risk and diversification
How PEP 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 PEP's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents PEP'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.
- In four of PEP's five worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: PEP fell 30.3% from May 2023 to May 2025, while the S&P 500 rose 46.7%.
- The slowest recovery came after PEP fell 40.4% from January 2008 to March 2009; it did not regain that peak until June 2012, three years later.
Green means PEP fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | PEP fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2008 financial crisis | −40.4% | −50.6% | Jan 2008 | Mar 2009 | 14 months | Jun 2012 | 3.3 years |
| No named crash | −37.4% | −14.4% | Apr 1998 | Aug 1998 | 4 months | Jun 2000 | 22 months |
| Dot-com bust | −33.0% | −26.9% | Apr 2002 | Jul 2002 | 3 months | Feb 2004 | 19 months |
| No named crash | −30.3% | +46.7% | May 2023 | May 2025 | 2 years | Not yet | — |
| No named crash | −29.1% | +3.9% | Mar 1993 | Jul 1994 | 16 months | Apr 1995 | 9 months |
How did PEP do in stock market crashes?
This section measures how far PEP, 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.
- PEP fell less than the S&P 500 in nine of the ten crashes it has traded through. The clearest case was the 2008 financial crisis, when PEP fell 40.4% and the S&P 500 fell 55.2%.
- Among its popular alternatives, GIS held up best, falling less than PEP in seven of the ten crashes they both traded through.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than PEP.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PEP This pagePepsiCo, Inc. | — | −0.8% | −11.9% | −28.3% | −12.3% | −7.2% | −10.2% | −8.3% | −0.2% | −40.4% | −33.0% |
| SPY S&P 500State Street SPDR S&P 500 ETF | 1 of 10 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| COST Costco Wholesale Corporation | 2 of 10 | −3.1% | −31.4% | −13.7% | −20.8% | −6.5% | −15.2% | −13.5% | −1.2% | −48.0% | −50.1% |
| 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% |
| KDP Keurig Dr Pepper Inc. | 2 of 8 | −1.5% | −12.2% | −33.5% | −13.6% | −1.7% | −9.7% | −13.0% | 0.0% | — | — |
| KO The Coca-Cola Company | 3 of 10 | −1.4% | −16.7% | −37.0% | −8.8% | −7.8% | −8.8% | −8.3% | 0.0% | −40.6% | −31.3% |
| KR The Kroger Co. | 3 of 10 | −1.3% | −29.6% | −13.0% | −14.9% | −6.0% | −14.3% | −13.7% | −2.2% | −35.3% | −58.3% |
| MDLZ Mondelez International, Inc. | 2 of 9 | −0.5% | −18.3% | −29.3% | −12.3% | −7.4% | −22.3% | −7.4% | 0.0% | −38.2% | — |
| MNST Monster Beverage Corporation | 1 of 10 | −2.9% | −25.9% | −27.6% | −20.1% | −7.0% | −25.7% | −14.6% | −12.4% | −69.2% | −50.4% |
| ADM Archer-Daniels-Midland Company | 2 of 10 | −4.1% | −26.7% | −33.7% | −22.9% | −2.0% | −35.5% | −24.4% | 0.0% | −68.0% | −31.0% |
| PRMB Primo Brands Corporation | 1 of 10 | −4.4% | −30.3% | −54.3% | −26.9% | −3.6% | −19.5% | −75.7% | 0.0% | −92.0% | −33.5% |
| 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% |
| BALL Ball Corporation | 1 of 10 | −5.6% | −50.7% | −33.9% | −16.0% | −3.7% | −15.5% | −23.5% | −2.5% | −49.4% | −34.8% |
| SJM The J. M. Smucker Company | 5 of 10 | −1.7% | −15.5% | −19.4% | −17.8% | −2.9% | −6.0% | −14.8% | −0.8% | −32.0% | −23.1% |
| COCO The Vita Coco Company, Inc. | 0 of 2 | −6.1% | −40.6% | — | — | — | — | — | — | — | — |
| HSY The Hershey Company | 5 of 10 | −0.5% | −11.6% | −30.8% | −6.0% | −5.2% | −13.9% | −7.4% | 0.0% | −29.5% | −23.0% |
| UTZ Utz Brands, Inc. | 1 of 3 | −3.8% | −31.0% | −8.7% | — | — | — | — | — | — | — |
| 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% | — |
| JJSF J&J Snack Foods Corp. | 2 of 10 | −1.8% | −27.3% | −38.0% | −11.9% | −3.5% | −15.3% | −16.9% | −1.1% | −37.5% | −39.0% |
| KHC The Kraft Heinz Company | 1 of 6 | −0.4% | −24.1% | −25.6% | −25.2% | −7.5% | −12.2% | — | — | — | — |
| MKC McCormick & Company, Incorporated | 3 of 10 | −2.5% | −31.3% | −30.6% | −14.0% | −2.1% | −10.8% | −12.5% | −1.7% | −31.1% | −22.0% |
| GIS General Mills, Inc. | 7 of 10 | −0.8% | −10.9% | −20.8% | −19.7% | −3.5% | −8.2% | −7.6% | −1.7% | −28.2% | −26.1% |
| HRL Hormel Foods Corporation | 5 of 10 | −2.6% | −18.5% | −17.2% | −10.8% | −4.3% | −7.6% | −13.0% | 0.0% | −40.3% | −26.4% |
| CAG Conagra Brands, Inc. | 3 of 10 | −2.5% | −16.4% | −19.2% | −43.7% | −3.3% | −13.9% | −13.6% | −1.1% | −44.7% | −30.5% |
| CPB Campbell Soup Company | 4 of 10 | −1.5% | −12.1% | −20.3% | −17.6% | −0.9% | −9.0% | −11.9% | −0.1% | −35.1% | −36.5% |
How closely does PEP 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 PEP with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- Over the past 10 years, PEP captured 48% of the S&P 500's gains in rising months and 65% of its losses in falling months, with a beta of 0.48. Its share of the market's losses was larger than its share of the gains.
- WMT took just 36% of the S&P 500's losses, against 65% for PEP, while still keeping 74% of its gains.
- Ten of the 21 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than PEP's 0.75, led by WMT, COST and KDP.
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 PEP's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| PEP This pagePepsiCo, Inc. | 48% | 65% | 0.75 | 0.48 |
| WMT Walmart Inc. | 74% | 36% | 2.08 | 0.53 |
| COST Costco Wholesale Corporation | 93% | 50% | 1.85 | 0.77 |
| KDP Keurig Dr Pepper Inc. | 59% | 38% | 1.56 | 0.56 |
| CELH Celsius Holdings, Inc. | 195% | 127% | 1.54 | 1.54 |
| HSY The Hershey Company | 38% | 25% | 1.53 | 0.24 |
| KR The Kroger Co. | 49% | 36% | 1.34 | 0.40 |
| KO The Coca-Cola Company | 57% | 44% | 1.29 | 0.47 |
| MNST Monster Beverage Corporation | 87% | 87% | 0.99 | 0.80 |
| ADM Archer-Daniels-Midland Company | 72% | 79% | 0.91 | 0.75 |
| MDLZ Mondelez International, Inc. | 45% | 55% | 0.82 | 0.52 |
| PRMB Primo Brands Corporation | 71% | 96% | 0.74 | 1.05 |
| FIZZ National Beverage Corp. | 73% | 99% | 0.73 | 0.94 |
| BALL Ball Corporation | 51% | 73% | 0.70 | 0.74 |
| SJM The J. M. Smucker Company | 25% | 38% | 0.67 | 0.30 |
| MKC McCormick & Company, Incorporated | 53% | 96% | 0.55 | 0.57 |
| JJSF J&J Snack Foods Corp. | 32% | 82% | 0.39 | 0.50 |
| GIS General Mills, Inc. | 22% | 65% | 0.34 | 0.27 |
| CAG Conagra Brands, Inc. | 25% | 90% | 0.27 | 0.42 |
| KHC The Kraft Heinz Company | 19% | 100% | 0.19 | 0.58 |
| HRL Hormel Foods Corporation | 6% | 37% | 0.15 | 0.15 |
| CPB Campbell Soup Company | 6% | 58% | 0.11 | 0.30 |
What diversifies PEP?
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 PEP's. Because such investments tend not to fall at the same time, pairing PEP with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in PEP into DXJ would have cut the portfolio's volatility by 14% over the past 5 years and raised its annual return (-0.2% for PEP alone, +5.0% for the mix).
- Among large ETFs, DXJ, MLPX and SMH have moved largely independently of PEP over the past 5 years, with correlations of 0.43 or lower, and each still earned a positive 5-year return.
- FIX made money in five of the eight calendar years in which PEP lost money.
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 PEP lost money. The last two columns show a portfolio that is 80% PEP and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2025 | 2024 | 2023 | 2018 | 2008 | 2002 | 2001 | 1999 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PEP PepsiCo, Inc. (this page) | 1.00 | −2.3% | 0.07 | −1.8% | −7.6% | −3.3% | −4.8% | −26.0% | −12.2% | −0.6% | −12.4% | 16.5% | −0.2% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.34 | +225% | 1.34 | +32.8% | +29.8% | +42.0% | −19.8% | −20.8% | — | — | — | 14.3% | +5.0% |
| MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF | 0.43 | +135% | 0.97 | +4.9% | +42.9% | +15.8% | −15.5% | — | — | — | — | 15.2% | +3.9% |
| SMH TechnologyVanEck Semiconductor ETF | 0.01 | +323% | 0.97 | +49.2% | +39.1% | +73.4% | −9.1% | −44.7% | −47.0% | −14.6% | — | 15.0% | +7.7% |
| DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF | 0.46 | +85.0% | 0.96 | +23.1% | +13.4% | +20.1% | −9.5% | — | — | — | — | 14.4% | +2.6% |
| GLD CommoditiesSPDR Gold Shares | 0.31 | +126% | 0.96 | +63.7% | +26.7% | +12.7% | −1.9% | +4.9% | — | — | — | 14.7% | +3.6% |
| SPMO Broad MarketInvesco S&P 500 Momentum ETF | 0.12 | +136% | 0.93 | +26.6% | +45.8% | +17.6% | −0.9% | — | — | — | — | 14.3% | +4.4% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.49 | +177% | 0.93 | +7.9% | +5.6% | −0.6% | −18.2% | −39.0% | −14.8% | −18.2% | +18.1% | 16.4% | +4.5% |
| DFIV InternationalDimensional - International Value ETF | 0.47 | +99.4% | 0.93 | +45.4% | +7.2% | +17.7% | — | — | — | — | — | 15.0% | +3.0% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2025 | 2024 | 2023 | 2018 | 2008 | 2002 | 2001 | 1999 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PEP PepsiCo, Inc. (this page) | 1.00 | −2.3% | 0.07 | −1.8% | −7.6% | −3.3% | −4.8% | −26.0% | −12.2% | −0.6% | −12.4% | 16.5% | −0.2% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.24 | +479% | 1.55 | +76.3% | +19.0% | +34.1% | −24.5% | −39.6% | −8.3% | −2.5% | −36.8% | 15.4% | +7.1% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.03 | +3,143% | 1.47 | +220% | +215% | +160% | −16.3% | −20.5% | −65.1% | −25.6% | +350% | 17.9% | +19.2% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.29 | +1,636% | 1.46 | +121% | +107% | +79.6% | +0.8% | −15.2% | −9.4% | +73.7% | −58.7% | 18.0% | +15.1% |
| MCK Medical - DistributionMcKesson Corporation | 0.32 | +413% | 1.44 | +44.5% | +23.7% | +24.1% | −28.4% | −40.4% | −27.2% | +4.9% | −71.3% | 15.6% | +6.5% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.21 | +690% | 1.41 | +19.2% | −4.0% | +30.4% | −8.2% | — | — | — | — | 15.9% | +9.1% |
Common questions
What was PEP's worst drawdown?
PEP's deepest decline since it began trading in 1986 was 40.4%, from January 2008 to March 2009. It took about three years from the low to climb back to its old high.
What were PEP's best and worst years?
Over 29 full calendar years, PEP's best year was 2000, when it returned 42.6%. Its worst was 2008, with a return of -26.0%.
Is there a better investment than PEP?
Among PEP's popular alternatives, KO earned more than PEP with less volatility over the past 5 years: 14.7% a year at 16.8% volatility, against a loss of 0.5% a year at 19.1%. Looking beyond its popular alternatives, CCEP (food & beverages) and BUD (alcoholic beverages) were ahead of PEP in most short and long periods.
Is PEP more volatile than the S&P 500?
Yes. PEP's volatility over the past 5 years was 19.1%, 1.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, PEP's return lands within 19.1% 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 PEP's Sharpe ratio?
PEP's Sharpe ratio over the past 5 years was 0.07, against 0.79 for the S&P 500, so PEP earned less 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 PEP with the S&P 500?
Over the past 5 years, PEP's monthly returns had a correlation of 0.34 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 PEP instead: the lower it is, the more that option would diversify a PEP holding.
What are the best alternatives to PEP?
Of the 23 popular alternatives we compared, 13 outperformed PEP in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: COST, WMT and KDP.
Did PEP outperform the S&P 500?
PEP finished ahead of the S&P 500 (SPY) in 11 of 29 full calendar years. In 2025, it returned -1.8%, against +17.7% for the index.
How did PEP do in stock market crashes?
PEP fell less than the S&P 500 (SPY) in nine of the ten major crashes it has traded through, and further in one. The clearest case was the 2008 financial crisis, when PEP fell 40.4% and the S&P 500 fell 55.2%.
What diversifies PEP?
These had a low correlation with PEP over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.34), MLPX (correlation 0.43) and SMH (correlation 0.01); among large stocks, CAH (correlation 0.24), CLS (correlation 0.03) and FIX (correlation 0.29). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than PEP's. Returns within 0.5 points or 3% of PEP's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to PEP
- COSTCostco Wholesale
- WMTWalmart
KDPKeurig Dr Pepper- KOCoca-Cola
- KRKroger
- MDLZMondelez International
- MNSTMonster Beverage
ADMArcher-Daniels-Midland
NVDA
AAPL
GOOG