CDXS vs IWM: Correlation
Measured on weekly returns over the past three years, Codexis, Inc. (CDXS) and iShares Russell 2000 ETF (IWM) 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 CDXS and IWM?
Across a 3-year window, the weekly returns of CDXS and IWM correlate at 0.53, moderate. The past 12 months show a weaker link (0.35) than the 3-year average (0.53). Stretching to 5 years gives 0.54, with an annualized covariance of 923.0 %².
IWM is one of the assets that tracks CDXS most closely: it ranks #2 out of the 12 assets we track against CDXS. Their recent paths diverged sharply: over the last 12 months IWM outperformed by 66.2 percentage points (-37.8% for CDXS against +28.4% for IWM). Note the risk asymmetry: CDXS runs 4.5 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.
CDXS vs IWM: side by side
| CDXS (Codexis, Inc.) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | -37.8% | +28.4% |
| 5-year return | -93.7% | +41.5% |
| Volatility (ann.) | 88.6% | 19.8% |
| Beta vs S&P 500 | 2.44 | 1.06 |
| Max drawdown (3Y) | -83.1% | -27.5% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.91% |
| Expense ratio | – | 0.19% |
| Assets under management | – | $80.1B |
| Sector / category | US Listed | ETF · US Small & Mid Cap |
IWM, iShares's Small Blend fund, carries $80.1B under management, 1757 holdings, a 0.19% expense ratio, a 0.91% trailing dividend yield.
Year-by-year returns
| Year | CDXS | IWM |
|---|---|---|
| 2022 | -85.1% | -20.5% |
| 2023 | -34.5% | +16.8% |
| 2024 | +56.4% | +11.4% |
| 2025 | -65.8% | +12.7% |
| 2026 | +1.8% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDXS and IWM good diversifiers for each other?
Only partially. A correlation of 0.53 means CDXS and IWM 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 CDXS and IWM?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.35 over the last year and 0.54 over 5 years.
Is IWM a good diversifier for CDXS?
Only partially. A correlation of 0.53 means CDXS and IWM 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?
On the −1 to +1 scale, 0.53 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/cdxs-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cdxs-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CDXS correlations · IWM correlations
