ARKK vs CDXS: Correlation
How closely do ARK Innovation ETF (ARKK) and Codexis, Inc. (CDXS) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARKK and CDXS?
Across a 3-year window, the weekly returns of ARKK and CDXS correlate at 0.50, moderate. Recent behaviour matches the longer record: 0.51 over 1 year against 0.50 over 3. Stretching to 5 years gives 0.57, with an annualized covariance of 1727.3 %².
By 3-year correlation, CDXS places #61 of the 122 assets tracked against ARKK. The last year tells two different stories: ARKK led by 53.5 percentage points, +15.7% for ARKK against -37.8% for CDXS. One caveat on sizing: CDXS is 2.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ARKK vs CDXS: side by side
| ARKK (ARK Innovation ETF) | CDXS (Codexis, Inc.) | |
|---|---|---|
| 1-year return | +15.7% | -37.8% |
| 5-year return | -27.7% | -93.7% |
| Volatility (ann.) | 38.8% | 88.6% |
| Beta vs S&P 500 | 2.07 | 2.44 |
| Max drawdown (3Y) | -39.6% | -83.1% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Thematic | US Listed |
Year-by-year returns
| Year | ARKK | CDXS |
|---|---|---|
| 2022 | -67.0% | -85.1% |
| 2023 | +69.0% | -34.5% |
| 2024 | +8.4% | +56.4% |
| 2025 | +35.5% | -65.8% |
| 2026 | +13.6% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARKK and CDXS good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ARKK and CDXS?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.51 over the last year and 0.57 over 5 years.
Is CDXS a good diversifier for ARKK?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/arkk-vs-cdxs.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/arkk-vs-cdxs/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ARKK correlations · CDXS correlations
