Coca-Cola (KO) - Get Report is scheduled to report earnings on Wednesday. With the soda giant's stock flat on the year, investors are hoping the results are enough to provide a boost.

There is a big difference between PepsiCo (PEP) - Get Report and Coca-Cola, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said from the floor of the New York Stock Exchange Tuesday. Pepsi, an Action Alerts PLUS holding, has a robust snacks division helping drive its growth, Cramer said. Not Coca-Cola.

Coca-Cola has a good dividend yield and is in a situation where it can benefit from cutting costs. But even its expansion into cold-pressed juices and other beverages hasn't been as aggressive as Pepsi's. Coke is too dependent on carbonated soda, which isn't growing at all. Cramer likes CEO Muhtar Kent but says Coca-Cola is being too defensive right now.

Analysts expect the company to earn 48 cents per share on $10.54 billion in revenue.

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At the time of publication, Cramer's Action Alerts PLUS had a position in PEP.