Let's see, does meager knowledge triumph vaste ignorance(?).
I have been operating on the presumption that PEP's non-beverage sales (e.g., Frito Lay, Dorito, Quaker cereals, Cheetos, Ruffles, Tostitos) provide PEP a bit broader base and therefore less risk than KO's focus on beverages. Last I saw, PEP had the top seven, and top eight of ten, snack chip sellers in U.S. supermarkets, which are also tops in several foreign countries.
So it could be your measuring standards are different from those of us who have been convinced for a long time that PEP has greater potential for growth.
While exchange rates may contribute to earnings fluctuations, their longer term impact would appear to be a relatively minor factor in corporate success/failure. In any case, it does seem logical to compare corporations, versus just carbonated drink divisions.
DiB