AI vs CDXS: Correlation
How closely do C3.ai, Inc. (AI) and Codexis, Inc. (CDXS) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AI and CDXS?
Across a 3-year window, the weekly returns of AI and CDXS correlate at 0.56, moderate. Little has changed lately, as the 1-year reading of 0.55 lands near the 3-year figure. Stretching to 5 years gives 0.46, with an annualized covariance of 3276.8 %².
Few assets follow AI as closely as CDXS, which ranks #2 of 15 tracked partners. Twelve-month performance is nearly a tie, at -40.3% for AI and -37.8% for CDXS.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AI vs CDXS: side by side
| AI (C3.ai, Inc.) | CDXS (Codexis, Inc.) | |
|---|---|---|
| 1-year return | -40.3% | -37.8% |
| 5-year return | -79.8% | -93.7% |
| Volatility (ann.) | 65.5% | 88.6% |
| Beta vs S&P 500 | 2.09 | 2.44 |
| Max drawdown (3Y) | -81.9% | -83.1% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AI | CDXS |
|---|---|---|
| 2022 | -64.2% | -85.1% |
| 2023 | +156.6% | -34.5% |
| 2024 | +19.9% | +56.4% |
| 2025 | -60.8% | -65.8% |
| 2026 | -23.4% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AI and CDXS good diversifiers for each other?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AI and CDXS?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.55 over the last year and 0.46 over 5 years.
Is CDXS a good diversifier for AI?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.56 mean?
A reading of 0.56 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: AI correlations · CDXS correlations
