CDXS vs RMT: Correlation
How closely do Codexis, Inc. (CDXS) and Royce Micro-Cap Trust, Inc. (RMT) 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 CDXS and RMT?
Over the past 3 years, CDXS and RMT moved with a correlation of 0.50, which is moderate. The past 12 months show a weaker link (0.38) than the 3-year average (0.50). Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 916.7 %².
Within CDXS's tracked universe of 12 assets, RMT comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with RMT ahead by 86.2 points (-37.8% versus +48.4%). Risk is not evenly split, since CDXS carries 4.3 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.
CDXS vs RMT: side by side
| CDXS (Codexis, Inc.) | RMT (Royce Micro-Cap Trust, Inc.) | |
|---|---|---|
| 1-year return | -37.8% | +48.4% |
| 5-year return | -93.7% | +80.1% |
| Volatility (ann.) | 88.6% | 20.5% |
| Beta vs S&P 500 | 2.44 | 1.09 |
| Max drawdown (3Y) | -83.1% | -26.4% |
| Market cap | $0.2B | $0.8B |
| P/E (trailing) | – | 8.5 |
| Dividend yield | 0.00% | 5.57% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CDXS | RMT |
|---|---|---|
| 2022 | -85.1% | -16.8% |
| 2023 | -34.5% | +15.8% |
| 2024 | +56.4% | +14.0% |
| 2025 | -65.8% | +16.1% |
| 2026 | +1.8% | +39.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDXS and RMT good diversifiers for each other?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CDXS and RMT?
The CDXS/RMT correlation stands at 0.50 on a 3-year window (1 year: 0.38, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is RMT a good diversifier for CDXS?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.50 mean?
A reading of 0.50 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
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Related comparisons
Hubs: CDXS correlations · RMT correlations
