BIRK vs CODX: Correlation
Measured on weekly returns over the past three years, Birkenstock Holding plc (BIRK) and Co-Diagnostics, Inc. (CODX) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BIRK and CODX?
Over the past 3 years, BIRK and CODX moved with a correlation of 0.53, which is moderate. The link has tightened recently: the 1-year correlation (0.70) runs above the 3-year figure (0.53). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 4986.8 %².
CODX is one of the assets that tracks BIRK most closely: it ranks #1 out of the 15 assets we track against BIRK. The last year tells two different stories: BIRK led by 54.8 percentage points, -32.3% for BIRK against -87.1% for CODX. Risk is not evenly split, since CODX carries 4.5 times the volatility of the other side.
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.
BIRK vs CODX: side by side
| BIRK (Birkenstock Holding plc) | CODX (Co-Diagnostics, Inc.) | |
|---|---|---|
| 1-year return | -32.3% | -87.1% |
| 5-year return | n/a | -99.6% |
| Volatility (ann.) | 45.5% | 203.9% |
| Beta vs S&P 500 | 1.18 | 2.30 |
| Max drawdown (3Y) | -50.9% | -97.9% |
| Market cap | $5.8B | – |
| P/E (trailing) | 17.0 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BIRK | CODX |
|---|---|---|
| 2022 | – | -71.8% |
| 2023 | – | -47.2% |
| 2024 | +16.3% | -43.6% |
| 2025 | -27.8% | -77.5% |
| 2026 | -13.7% | -75.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BIRK and CODX good diversifiers for each other?
Only partially. A correlation of 0.53 means BIRK and CODX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BIRK and CODX?
As of 2026-08-27, the correlation of weekly returns between BIRK and CODX is 0.53 over 3 years, 0.70 over 1 year and n/a over 5 years.
Is CODX a good diversifier for BIRK?
Only partially. A correlation of 0.53 means BIRK and CODX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 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/birk-vs-codx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/birk-vs-codx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BIRK correlations · CODX correlations
