What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
iTechGuides is reader-supported. When you buy through links on our site, we may earn an affiliate commission. As an Amazon Associate I earn from qualifying purchases. Learn more
Sometimes—but not reliably. Coca-Cola (NYSE: KO) outperformed SPY, an ETF that tracks the S&P 500, in the down calendar years 2008 and 2022. But Coca-Cola’s official five-year comparison shows it trailing the S&P 500 from December 31, 2020, through December 31, 2025. Those results show that KO has held up better in some declines, not that it is protected whenever the market falls.
How did Coca-Cola perform in two down years?
A third-party annual total-return series, with dividends reinvested, reports that KO outperformed SPY in both 2008 and 2022. SPY is an exchange-traded fund used as a proxy for the S&P 500 benchmark; it is not the index itself.
| # | Preview | Product | Price | |
|---|---|---|---|---|
| 1 |
|
Allegheny Coke Co. - Stock Certificate | $24.00 | Buy on Amazon |
| 2 |
|
West Bethlehem Coal and Coke Co. - Stock Certificate | $42.00 | Buy on Amazon |
| 3 |
|
Commercial Coal and Coke Co. - Stock Certificate | $49.00 | Buy on Amazon |
| 4 |
|
Goes KG2 Stock Certificate, Green, 15-Pack | $20.99 | Buy on Amazon |
| 5 |
|
Webster Coal and Coke Co. - Stock Certificate | $42.00 | Buy on Amazon |
| Calendar year | KO total return | SPY total return | What the comparison shows |
|---|---|---|---|
| 2008 | −24.10% | −36.79% | Both fell; KO lost less. |
| 2022 | +10.61% | −18.18% | KO gained while SPY fell. |
These are calendar-year total returns from Total Real Returns, accessed October 3, 2026, with dividends reinvested. They illustrate two specific years, not every market decline. A calendar-year comparison also cannot tell you which investment fell further during a particular intrayear sell-off or how long it took to recover.
Do these 3 things before closing this tab:
1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsWhat does Coca-Cola’s five-year comparison show?
The Coca-Cola Company’s 2025 Form 10-K compares cumulative shareholder returns from December 31, 2020, through December 31, 2025. In its graph, a hypothetical $100 investment grew to $148 for KO and $196 for the S&P 500 Index. The figures include dividends reinvested on their issuance days. Over that five-year period, KO underperformed the benchmark.
#1 Best Overall
This is a different comparison from the annual KO-versus-SPY series: it uses the company’s official performance graph, the S&P 500 Index, and a five-year window. The results are not contradictory. KO can outperform in a particular down year while trailing over a longer period.
Why the measurement matters
Price return is not total return
A share-price change excludes dividends. Total return includes them; when dividends are reinvested, it also reflects buying additional shares with those payments. The cited annual series and the company’s five-year graph use total returns with dividends reinvested, so they are more comparable to each other than a price-only chart would be. Coca-Cola’s year-end stock-information table separately lists a 2025 closing price of $69.91 and an annual dividend of $2.04 per share; those figures are not themselves a total-return calculation.
A calendar year is not a drawdown
A calendar-year return compares the beginning and end of a year. A drawdown measures a decline from a prior peak to a subsequent trough, which may begin and end at any point in time. The reported yearly results do not establish KO’s maximum loss, its recovery time, or how it performed across a full fall-and-rebound cycle.
Matched dates make a fair comparison
To test whether KO loses less in a particular S&P 500 decline, compare both investments over the same peak-to-trough dates using the same return definition. Then report the peak-to-trough loss and the time each took to recover. Annual endpoints and a five-year graph answer different questions and should not be treated as a complete drawdown study.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Where to check Coca-Cola’s historical data
- The Coca-Cola Company’s 2025 Form 10-K contains its five-year shareholder-return graph. It identifies KO as the company’s NYSE ticker.
- Coca-Cola’s Stock Info page links to historical price data and dividend records.
- Coca-Cola’s year-end market values list closing prices and annual dividends per share through 2025. Consider those separately from total-return figures.
- The SPY-versus-KO total-return chart provides the third-party annual series used for the 2008 and 2022 examples.
Historical performance can describe what happened over chosen periods; it does not predict future returns or amount to a personalized buy-or-sell recommendation.
Quick Recap
Rank #4
- KG2 Stock Certificate
- Green Border
- pack of 15
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
