The plain truth is that the dollar is heading south. Coke's international biz is almost three times as big as Pep's percentagewise. Even though Pep is an underdog overseas, it doesn't seem to grow faster than coke. So why stick with Pep in a time like this? Use your tiny brain.
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.