CDXS vs QQQ: Correlation
Measured on weekly returns over the past three years, Codexis, Inc. (CDXS) and Invesco QQQ Trust (QQQ) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDXS and QQQ?
Across a 3-year window, the weekly returns of CDXS and QQQ correlate at 0.39, moderate. The relationship has been stable: the 1-year correlation (0.42) sits close to the 3-year figure. Stretching to 5 years gives 0.45, with an annualized covariance of 684.7 %².
QQQ is close to the least connected end of CDXS's tracked universe, ranking #8 of 12. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 64.1 percentage points (-37.8% for CDXS against +26.3% for QQQ). One caveat on sizing: CDXS is 4.5 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.
CDXS vs QQQ: side by side
| CDXS (Codexis, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -37.8% | +26.3% |
| 5-year return | -93.7% | +95.4% |
| Volatility (ann.) | 88.6% | 19.6% |
| Beta vs S&P 500 | 2.44 | 1.28 |
| Max drawdown (3Y) | -83.1% | -22.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | CDXS | QQQ |
|---|---|---|
| 2022 | -85.1% | -32.6% |
| 2023 | -34.5% | +54.9% |
| 2024 | +56.4% | +25.6% |
| 2025 | -65.8% | +20.8% |
| 2026 | +1.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDXS and QQQ good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CDXS and QQQ?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.42 over the last year and 0.45 over 5 years.
Is QQQ a good diversifier for CDXS?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 mean?
A reading of 0.39 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cdxs-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cdxs-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CDXS correlations · QQQ correlations
