Correlation Analysis
Johnson & Johnson vs PepsiCo, Inc.
JNJ vs PEP
-0.116
Weak inverse
When one moves up, the other tends to move down.
Johnson & Johnson
↗JNJ
Johnson & Johnson is the world's largest and most diverse healthcare firm. It has two divisions: innovative medicine and medtech. These now represent all of the company's sales following the divestment of the consumer business, Kenvue, in 2023. After restructurings in 2023-24, the drug division focuses on three main therapeutic areas: immunology, oncology, and neurology. Geographically, just over half of total revenue is generated in the United States.
Market cap 580.4B
PepsiCo, Inc.
↗PEP
PepsiCo is a global leader in snacks and beverages, owning well-known household brands including Pepsi, Mountain Dew, Gatorade, Lay's, Cheetos, and Doritos, among others. The company dominates the global savory snacks market and also ranks as the second-largest beverage provider in the world (behind Coca-Cola) with diversified exposure to carbonated soft drinks, or CSD, as well as water, sports, and energy drink offerings. Convenience foods account for approximately 58% of its total revenue, with beverages making up the rest. Pepsi owns the bulk of its manufacturing and distribution capacity in the US, but uses bottlers overseas for beverages. International markets made up 41% of total sales and 46% of operating profits before corporate expenses in 2025.
Market cap 214.2B
Time Series
Relative Performance
Who Moves First
PEP leads JNJ by 6 days
PEP tends to move before JNJ.
After testing 13 timing shifts, the strongest relationship was -0.153 (they moved in opposite directions).
Do They Crash Together?
Correlation by Market Regime
How these series behave when markets are rising, falling, or diverging. A correlation that holds in drawdowns is very different from one that only works in rallies.
Both Rising
+0.607
16 periods · Return correlation when both series rose
Both Falling
+0.162
11 periods · Return correlation when both series fell
Diverging
-0.890
8 periods · Return correlation when series moved apart
R-Squared
1.3%
Share of variance in one series explained by the other.
Trend Agreement
67.2%
How often both series moved in the same direction period-to-period.
Overlap Quality
1,254
Deep shared window — 1,254 usable pairs.
Significance
p < 0.001
95% CI: [-0.170, -0.061]
Scatter
XY Regression
Pipeline
Data quality details
Pipeline
Data quality details
Pipeline Summary
1,254 paired data points survived the daily window.
Raw input
1,254
1,254
Normalized
1,254
1,254
Prepared
1,254
1,254
Aligned
1,254
1,254
Invalid removed
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
0
A: 0 / B: 0
Series A
Johnson & Johnson
JNJ
Market cap 580.4B
Stock · 1,254 raw → 1,254 prepared
Series B
PepsiCo, Inc.
PEP
Market cap 214.2B
Stock · 1,254 raw → 1,254 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
14
Estimated crossover points between normalized spreads.
Slope
-0.0860
Linear regression slope.
Intercept
177.8138
Linear regression intercept.
Related Extremes
Highest and Lowest Correlated
Saved 6 hours ago · ID: stock-jnj-vs-stock-pep-daily