CDNA vs NEO: Correlation
How closely do CareDx, Inc. (CDNA) and NeoGenomics, Inc. (NEO) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDNA and NEO?
On 3 years of weekly data the CDNA/NEO correlation comes out at 0.38, moderate. The relationship has been stable: the 1-year correlation (0.39) sits close to the 3-year figure. The 5-year figure is 0.33, and annualized covariance runs at 1907.8 %².
By 3-year correlation, NEO places #5 of the 10 assets tracked against CDNA. Correlation aside, the last 12 months split them widely, with CDNA ahead by 130.7 points (+294.0% versus +163.3%).
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.
CDNA vs NEO: side by side
| CDNA (CareDx, Inc.) | NEO (NeoGenomics, Inc.) | |
|---|---|---|
| 1-year return | +294.0% | +163.3% |
| 5-year return | -35.0% | -62.1% |
| Volatility (ann.) | 83.5% | 59.7% |
| Beta vs S&P 500 | 1.46 | 1.17 |
| Max drawdown (3Y) | -66.0% | -76.7% |
| Market cap | $2.7B | $2.4B |
| P/E (trailing) | 24.5 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CDNA | NEO |
|---|---|---|
| 2022 | -74.9% | -72.9% |
| 2023 | +5.2% | +75.1% |
| 2024 | +78.4% | +1.9% |
| 2025 | -12.0% | -28.6% |
| 2026 | +177.9% | +58.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDNA and NEO good diversifiers for each other?
Reasonably. At 0.38, CDNA and NEO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CDNA and NEO?
The CDNA/NEO correlation stands at 0.38 on a 3-year window (1 year: 0.39, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is NEO a good diversifier for CDNA?
Reasonably. At 0.38, CDNA and NEO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 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/cdna-vs-neo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cdna-vs-neo/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CDNA correlations · NEO correlations
