CDXS vs SPY: Correlation
Codexis, Inc. (CDXS) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDXS and SPY?
Across a 3-year window, the weekly returns of CDXS and SPY correlate at 0.40, moderate. Little has changed lately, as the 1-year reading of 0.35 lands near the 3-year figure. Stretching to 5 years gives 0.45, with an annualized covariance of 510.3 %².
By 3-year correlation, SPY places #7 of the 12 assets tracked against CDXS. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 58.4 percentage points (-37.8% for CDXS against +20.6% for SPY). Risk is not evenly split, since CDXS carries 6.1 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 SPY: side by side
| CDXS (Codexis, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -37.8% | +20.6% |
| 5-year return | -93.7% | +82.4% |
| Volatility (ann.) | 88.6% | 14.5% |
| Beta vs S&P 500 | 2.44 | 1.00 |
| Max drawdown (3Y) | -83.1% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | CDXS | SPY |
|---|---|---|
| 2022 | -85.1% | -18.2% |
| 2023 | -34.5% | +26.2% |
| 2024 | +56.4% | +24.9% |
| 2025 | -65.8% | +17.7% |
| 2026 | +1.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDXS and SPY good diversifiers for each other?
Reasonably. At 0.40, CDXS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CDXS and SPY?
The CDXS/SPY correlation stands at 0.40 on a 3-year window (1 year: 0.35, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CDXS?
Reasonably. At 0.40, CDXS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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.
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Related comparisons
Hubs: CDXS correlations · SPY correlations
