AIRG vs CDIO: Correlation
How closely do Airgain, Inc. (AIRG) and Cardio Diagnostics Holdings Inc. (CDIO) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIRG and CDIO?
Across a 3-year window, the weekly returns of AIRG and CDIO correlate at -0.29, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.43) than the 3-year average (-0.29). Stretching to 5 years gives -0.13, with an annualized covariance of -4456.9 %².
Among the 11 assets we track against AIRG, CDIO sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with AIRG ahead by 75.9 points (+25.8% versus -50.1%). Note the risk asymmetry: CDIO runs 3.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
AIRG vs CDIO: side by side
| AIRG (Airgain, Inc.) | CDIO (Cardio Diagnostics Holdings Inc.) | |
|---|---|---|
| 1-year return | +25.8% | -50.1% |
| 5-year return | -63.5% | -99.4% |
| Volatility (ann.) | 72.0% | 214.2% |
| Beta vs S&P 500 | 1.03 | 3.57 |
| Max drawdown (3Y) | -70.2% | -98.9% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AIRG | CDIO |
|---|---|---|
| 2022 | -38.8% | – |
| 2023 | -45.3% | +134.9% |
| 2024 | +98.3% | -63.2% |
| 2025 | -42.5% | -90.1% |
| 2026 | +29.6% | -31.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIRG and CDIO good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AIRG and CDIO?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.43 over the last year and -0.13 over 5 years.
Is CDIO a good diversifier for AIRG?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/airg-vs-cdio.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/airg-vs-cdio/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AIRG correlations · CDIO correlations
