While still generating positive returns for investors, longtime competitors Coca-Cola (NYSE: KO) and (NASDAQ: PEP) have underperformed the market benchmark S 500 over the past five and 10 years. Both beverage giants have faced slowing demand for their core products, leading to acquisitions in an effort to diversify. Given those two factors, it's a prime opportunity to check in on these two bellwether stocks to see which one stands out as a potential candidate to generate outsized returns moving forward.

While Coca-Cola and PepsiCo are rooted in their namesake beverages, the companies' worldwide distribution network has allowed them to expand their offerings and grow by acquisition.

Over the last decade, Coca-Cola's notable acquisitions include the sparkling water brand Topo Chico for $220 million, the coffee company Costa for $4.9 billion, and the sports and hydration beverage company BodyArmor for $5.6 billion.

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Source Fool.com