Coca-Cola vs PepsiCo Stock: Returns, Risk and Falls

From Nov 13, 2006 to the Nov 13, 2026 close, $1,000 in Coca-Cola (KO) became $7,841 and $1,000 in PepsiCo (PEP) became $4,278, with dividends reinvested.

Last 10 years: $3,287 in Coca-Cola, $1,955 in PepsiCo
Last 5 years: $2,030 in Coca-Cola, $1,052 in PepsiCo
Last year: $1,434 in Coca-Cola, $1,044 in PepsiCo
Deepest fall: Coca-Cola 40.6% (Jan 10, 2008 to Mar 5, 2009); PepsiCo 40.4% (Jan 10, 2008 to Mar 9, 2009)

Coca-Cola (KO)

Total return684%

A year10.8%

Deepest fall40.6%

Volatility18.7%

Sharpe ratio0.31

Beta to S&P 5000.54

PepsiCo (PEP)

Total return328%

A year7.5%

Deepest fall40.4%

Volatility18.9%

Sharpe ratio0.13

Beta to S&P 5000.53

From Nov 13, 2006 to Nov 13, 2026, Coca-Cola grew 10.8% a year and PepsiCo grew 7.5%. The higher rate, Coca-Cola's, came with narrower daily swings. Volatility was 18.7% for Coca-Cola and 18.9% for PepsiCo. The Sharpe ratio is the yearly return above a fixed 5% risk-free rate, per unit of volatility.

Sharpe ratios were 0.31 for Coca-Cola and 0.13 for PepsiCo. Over the same dates, the price record shows deepest falls of 40.6% for Coca-Cola and 40.4% for PepsiCo. From Nov 14, 2006 to Nov 13, 2026, betas to the S&P 500 were 0.54 for Coca-Cola and 0.53 for PepsiCo.

Growth of $1,000 in Coca-Cola and PepsiCo

The $1,000 in Coca-Cola and the $1,000 in PepsiCo swapped places 12 times at month ends. The latest swap came at the end of Jun 2024. Since then, the $1,000 in Coca-Cola has been worth more at every month end.

Across all 241 month ends, Coca-Cola's value was the higher one at 199 and PepsiCo's at 41, and the two were level at 1.

At the end of Oct 2026, $1,000 had become $7,433 in Coca-Cola and $4,040 in PepsiCo. In relative terms, that was the widest gap between them at any month end. The $1,000 in Coca-Cola first doubled to $2,000 at a month end in Jul 2012. The $1,000 in PepsiCo did so in Nov 2014.

Coca-Cola (KO), circlePepsiCo (PEP), square

Coca-Cola and PepsiCo returns by period

Every row ends at the Nov 13, 2026 close. The "a year" columns give the yearly rate from each start date. The yearly rates were furthest apart over the last year. Over that span, Coca-Cola grew 43.4% a year and PepsiCo grew 4.4%.

The rates were closest over the full span since Jun 1972: 11.3% for Coca-Cola and 11.6% for PepsiCo.

Coca-Cola's rate over the last year, 43.4%, was above its 10-year rate of 12.6%. PepsiCo's last-year rate, 4.4%, was below its 10-year rate of 6.9%. In every row, $1,000 in Coca-Cola and $1,000 in PepsiCo both ended above $1,000.

Period	$1,000 in Coca-Cola	$1,000 in PepsiCo	Coca-Cola a year	PepsiCo a year
Since both startedfrom Jun 1, 1972	$347,580	$396,557	11.3%	11.6%
Last 20 yearsfrom Nov 13, 2006	$7,841	$4,278	10.8%	7.5%
Last 10 yearsfrom Nov 14, 2016	$3,287	$1,955	12.6%	6.9%
Last 5 yearsfrom Nov 12, 2021	$2,030	$1,052	15.2%	1.0%
Last yearfrom Nov 13, 2025	$1,434	$1,044	43.4%	4.4%

How far Coca-Cola and PepsiCo fell below their highs

At the Nov 13, 2026 close, Coca-Cola was at its month-end high. At the same close, PepsiCo was 13.9% below its Apr 2023 month-end high. On daily closes, the deepest falls of Coca-Cola and PepsiCo came in the same stretch. Coca-Cola fell 40.6% from Jan 10, 2008 to Mar 5, 2009.

PepsiCo fell 40.4% from Jan 10, 2008 to Mar 9, 2009. Coca-Cola closed back at its old high on Oct 19, 2010, 1 year and 7 months after the low. PepsiCo closed back at its old high on Jun 18, 2012, 3 years and 3 months after the low.

Coca-Cola was 20% or more below its high at 10 of 241 month ends. PepsiCo was 20% or more below its high at 18.

The S&P 500's 2008 fall ran from its Oct 9, 2007 high to its Mar 9, 2009 low. Over those dates, Coca-Cola fell 30.7% and PepsiCo 34.9%. The S&P 500's COVID fall ran from its Feb 19, 2020 high to its Mar 23, 2020 low. Over those dates, Coca-Cola fell 36.6% and PepsiCo 27.2%.

The S&P 500's 2022 fall ran from its Jan 3, 2022 high to its Oct 12, 2022 low. Over those dates, Coca-Cola fell 4.9% and PepsiCo 0.1%.

Coca-Cola (KO), circlePepsiCo (PEP), square

Coca-Cola vs PepsiCo by year

The bars cover 19 full calendar years, 2007 to 2025. Coca-Cola rose in 16 of them and PepsiCo in 14. Coca-Cola's yearly change was higher in 10 years and PepsiCo's in 9. Both rose in 13 and both fell in 2. In 4 years, one rose while the other fell.

Both had their lowest year in 2008: Coca-Cola −24.1%, PepsiCo −26.0%. Their highest years were 2007 for Coca-Cola (+30.5%) and 2019 for PepsiCo (+27.4%). The widest one-year gap between them was 2025: Coca-Cola +15.6%, PepsiCo −1.8%.

Coca-Cola (KO), circlePepsiCo (PEP), square

Coca-Cola and PepsiCo monthly returns

These counts cover 120 full months, Nov 2016 to Oct 2026. Coca-Cola rose in 77 of them and PepsiCo in 68. Both rose in 58, both fell in 32, and in 29 one rose while the other fell. Coca-Cola's largest monthly fall was −16.5% in Mar 2020, and PepsiCo's −9.6% in Apr 2025.

Coca-Cola's largest monthly rise was +12.9% in Dec 2021, and PepsiCo's +11.2% in Oct 2022. Coca-Cola's longest run of falling months was 4, ending in Dec 2024. PepsiCo's longest run of falling months was 5, ending in Jan 2025.

The latest cell is a part month, from the Oct 30, 2026 close to the Nov 13, 2026 close. Over those days, Coca-Cola changed +5.5% and PepsiCo +5.9%.

Coca-Cola, % each month
	J	F	M	A	M	J	J	A	S	O	N	D
2026	+7.0	+9.0	−6.1	+3.6	+0.3	+3.5	+7.8	+1.2	−2.3	+9.3	+5.5
2025	+2.0	+12.2	+1.3	+1.3	−0.6	−1.2	−4.0	+1.6	−3.1	+3.9	+6.1	−3.7
2024	+1.0	+0.9	+2.7	+1.0	+1.9	+1.9	+4.9	+8.6	−0.2	−9.1	−1.1	−2.8
2023	−3.6	−3.0	+5.0	+3.4	−7.0	+1.7	+2.8	−3.4	−5.7	+0.9	+4.3	+0.8
2022	+3.0	+2.0	+0.4	+4.2	−1.9	−0.0	+2.0	−3.8	−8.6	+6.8	+7.0	+0.0
2021	−12.2	+1.7	+8.5	+2.4	+2.4	−1.4	+5.4	−1.3	−6.1	+7.4	−6.2	+12.9
2020	+5.5	−8.4	−16.5	+3.7	+1.7	−3.4	+5.7	+4.8	+0.5	−2.7	+8.2	+6.3
2019	+1.6	−5.8	+4.3	+4.7	+0.1	+4.5	+3.4	+4.6	−0.4	−0.0	−1.2	+3.7
2018	+3.7	−9.2	+1.4	−0.5	−0.5	+2.9	+6.3	−4.4	+4.5	+3.7	+6.1	−6.1
2017	+0.3	+0.9	+2.0	+1.7	+5.4	−0.6	+2.2	−0.6	−0.4	+2.2	+0.4	+0.2

PepsiCo, % each month
	J	F	M	A	M	J	J	A	S	O	N	D
2026	+7.0	+10.5	−7.7	+2.1	−9.0	−5.1	+3.1	+0.6	−8.7	+8.4	+5.9
2025	−0.9	+1.8	−1.4	−9.6	−3.0	+1.6	+4.5	+7.8	−4.6	+4.0	+1.8	−2.6
2024	−0.8	−1.1	+5.8	+0.5	−1.7	−3.9	+4.7	+0.1	−0.9	−2.3	−1.6	−6.2
2023	−5.3	+1.5	+5.8	+4.7	−4.5	+2.3	+1.2	−4.4	−4.8	−3.6	+3.9	+0.9
2022	−0.1	−5.6	+2.9	+2.6	−2.3	+0.0	+5.0	−1.5	−4.6	+11.2	+2.2	−2.0
2021	−7.9	−5.4	+10.4	+1.9	+2.6	+0.9	+5.9	−0.4	−3.2	+7.4	−1.1	+9.5
2020	+3.9	−7.0	−8.4	+10.1	−0.6	+1.3	+4.1	+1.7	−0.3	−3.8	+8.2	+3.6
2019	+2.0	+3.5	+6.0	+4.5	−0.0	+3.2	−2.5	+7.0	+1.0	+0.1	−1.0	+1.3
2018	+0.3	−8.8	+0.2	−7.5	+0.2	+8.6	+5.6	−2.6	+0.6	+0.5	+8.5	−8.7
2017	−0.8	+6.4	+2.0	+1.3	+3.9	−1.2	+1.0	−0.1	−3.7	−1.1	+6.4	+2.9

Coca-Cola and PepsiCo: rolling 1-year return and volatility

The rolling 1-year return is the change over the 12 months to each month end. From Nov 2007 to Nov 2026, Coca-Cola's rolling 1-year return ran from −28.1% (12 months to Feb 2009) to +40.2% (to Oct 2026). Over the same months, PepsiCo's ran from −29.0% (12 months to Feb 2009) to +35.1% (to Apr 2010).

Coca-Cola's 12-month change was below zero at 45 of those 229 month ends, and PepsiCo's at 52. Coca-Cola's 12-month change was the higher one at 117 month ends and PepsiCo's at 112. That is close to an even split.

Coca-Cola (KO), circlePepsiCo (PEP), square

Coca-Cola and PepsiCo: volatility, risk-adjusted return, beta and correlation

These measures cover Nov 13, 2006 to Nov 13, 2026. Over those dates, volatility was 18.7% for Coca-Cola and 18.9% for PepsiCo. The Sortino ratio counts only falling days as risk. Against the same 5% rate, Sortino ratios were 0.45 for Coca-Cola and 0.19 for PepsiCo. The Calmar ratio is the yearly return divided by the deepest fall.

Calmar ratios were 0.27 for Coca-Cola and 0.19 for PepsiCo.

Beta shows how much Coca-Cola and PepsiCo tended to move on the days the S&P 500 (SPY) moved. A beta of 1 means moving by the same amount as the index. From Nov 14, 2006 to Nov 13, 2026, Coca-Cola's beta was 0.54 and PepsiCo's 0.53. By that measure, both tended to move less than the index.

The correlation of Coca-Cola's and PepsiCo's daily moves was 0.69, a partial link. A correlation of 1 would mean they always moved together, 0 no link and −1 always opposite.

Measure	Coca-Cola	PepsiCo
Volatility, a year	18.7%	18.9%
Sharpe ratio	0.31	0.13
Sortino ratio	0.45	0.19
Calmar ratio	0.27	0.19
Deepest fall	40.6%	40.4%
Beta to the S&P 500from Nov 14, 2006	0.54	0.53
Upside capturemonths from Dec 2016	61%	53%
Downside capturemonths from Dec 2016	30%	52%
Biggest one-day rise	+13.88%Oct 13, 2008	+12.94%Mar 17, 2020
Biggest one-day fall	−9.67%Mar 12, 2020	−11.93%Oct 14, 2008
Price against its 50-day average	+9.4%	+8.8%
Price against its 200-day average	+20.1%	+1.2%
Correlation of daily movesfrom Nov 14, 2006	0.69

About Coca-Cola and PepsiCo

What Coca-Cola and PepsiCo do, from each company's latest annual report filed with the US Securities and Exchange Commission.

Coca-Cola

The Coca-Cola Company sells beverages and describes itself in its annual report as a total beverage company. Its products are sold in more than 200 countries and territories. It groups its brands into Trademark Coca-Cola; sparkling flavors; water, sports, coffee and tea; juice, value-added dairy and plant-based beverages; and emerging beverages.

The company reports that a significant portion of its revenue comes from selling concentrates and syrups to independent bottling partners. Its operating segments are EMEA, Latin America, North America, Asia Pacific and Bottling Investments. It was incorporated in Delaware in September 1919 and succeeded a Georgia corporation of the same name organized in 1892. Its headquarters is in Atlanta, Georgia.

Its fiscal year ends on December 31.

Source: 10-K (fiscal 2025, ended December 31, 2025), filed Feb 20, 2026 (SEC EDGAR)

PepsiCo

PepsiCo, Inc. makes, markets, distributes and sells beverages and convenient foods. Its brands include Lay's, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker and SodaStream. The company sells through its own operations, authorized bottlers, contract manufacturers and other third parties.

It reports six segments: PepsiCo Foods North America; PepsiCo Beverages North America; International Beverages Franchise; Europe, Middle East and Africa; Latin America Foods; and Asia Pacific Foods. PepsiCo was incorporated in Delaware in 1919 and reincorporated in North Carolina in 1986. Its principal executive offices are in Purchase, New York.

Its fiscal year ends on the last Saturday of December, so fiscal 2025 ended on December 27, 2025.

Source: 10-K (fiscal 2025, ended December 27, 2025), filed Feb 3, 2026 (SEC EDGAR)

About this calculation

What it calculates: For Coca-Cola and PepsiCo over the same dates: the value of $1,000 in each, total and yearly return, the deepest fall and its recovery, every calendar year, monthly and rolling 12-month changes, and the risk measures below.
Prices: Daily closing prices adjusted for stock splits and dividends, so dividends count as reinvested.
Dates: Both start on the same trading day: the first day both price histories used here share, or the start of the period chosen, and both are valued at the Nov 13, 2026 close.
Yearly return: (final value ÷ $1,000)^{1 ÷ years} − 1, with years counted as days ÷ 365.
Deepest fall: The largest drop from a closing high to a later closing low; recovery is the first close back at that high.
Volatility: How widely daily returns spread around their average over the dates shown: the square root of the average squared gap from that average (dividing by one less than the number of days), × √252, as a yearly figure.
Sharpe ratio: (yearly return − 5%) ÷ volatility, with a fixed risk-free rate of 5% a year.
Sortino ratio: (yearly return − 5%) ÷ downside deviation: the square root of the average squared daily fall (days above 0 count as 0), × √252.
Calmar ratio: Yearly return ÷ the deepest fall over the dates shown.
Beta and correlation: From daily returns on the days both stocks and SPY traded: beta is the covariance of a stock's daily returns with SPY's ÷ the variance of SPY's; correlation is that of the two stocks' daily returns.
Biggest one-day moves: The largest daily rise and fall in adjusted close over the dates shown.
Moving-average distance: The last close against the simple average of the last 50 and 200 closes. A fact about price, not a signal.
Capture: Over the last 10 years of month ends: a stock's average monthly change in the months SPY rose (fell), as a percentage of SPY's average change in those months.
Rounding: Calculated at full precision and rounded for display: whole dollars, one decimal for percentages, two for ratios.
Exclusions: Taxes, fees, currency conversion and companies no longer in the index.
Freshness: Recalculated after each trading day. Company profiles come from each company's latest annual report, with the filing date shown.
Reproduce: Open this comparison in Compare Two Stocks

Common questions

Which had the higher return, Coca-Cola or PepsiCo stock?

It depends on the period. Coca-Cola had the higher total return over the last 20, 10 and 5 years and the last year. PepsiCo had the higher total return over the full span since Jun 1972. From Jun 1, 1972 to the Nov 13, 2026 close, Coca-Cola returned +34,658% in total and PepsiCo +39,556%.

Both include reinvested dividends, before taxes and fees. Over the last 10 years, Coca-Cola returned +229% and PepsiCo +95.5%. Over the last 5 years, Coca-Cola returned +103% and PepsiCo +5.2%. Over the last year, Coca-Cola returned +43.4% and PepsiCo +4.4%. None of these Coca-Cola and PepsiCo figures is a forecast.

Is Coca-Cola or PepsiCo the better stock to buy?

SmartFin does not say which to buy. This page reports what Coca-Cola and PepsiCo prices did. From Nov 13, 2006 to Nov 13, 2026, Coca-Cola grew 10.8% a year and PepsiCo grew 7.5%. The record shows deepest falls of 40.6% for Coca-Cola and 40.4% for PepsiCo. Past returns for Coca-Cola and PepsiCo do not show what either will do next.

Do the Coca-Cola and PepsiCo returns include dividends?

Yes. Every KO and PEP figure here uses closing prices adjusted for stock splits and dividends, so dividends count as reinvested. Taxes, fees and trading costs are left out of the Coca-Cola and PepsiCo figures.

Has Coca-Cola or PepsiCo stock dropped from its high?

At the Nov 13, 2026 close, Coca-Cola was at its highest month-end value. At the same close, PepsiCo was 13.9% below its highest month-end value, set in Apr 2023. Coca-Cola's deepest fall on daily closes was 40.6%, from Jan 2008 to Mar 2009. PepsiCo's deepest fall was 40.4%, from Jan 2008 to Mar 2009.

Compare Coca-Cola and PepsiCo with your own amount and dates in Compare Two Stocks

Daily closing prices adjusted for stock splits, with dividends reinvested, before taxes and fees. Both amounts are invested at the same close and valued at the Nov 13, 2026 close. See also: What if you invested in Coca-Cola · What if you invested in PepsiCo.

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This page presents historical market data and calculated results for a defined period. It is not a recommendation to buy, sell, or hold the security, fund, or index shown. Past performance is not indicative of future results.