CNEY vs CODX: Correlation
CN Energy Group Inc. - Class A (CNEY) and Co-Diagnostics, Inc. (CODX) 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 CNEY and CODX?
On 3 years of weekly data the CNEY/CODX correlation comes out at 0.40, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.62 versus 0.40 over 3 years. The 5-year figure is 0.31, and annualized covariance runs at 13849.8 %².
Among the 10 assets we track against CNEY, CODX ranks #4 by 3-year correlation. The trailing year gives CNEY the advantage: -73.4% versus -87.1%, a 13.7-point spread.
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.
CNEY vs CODX: side by side
| CNEY (CN Energy Group Inc. - Class A) | CODX (Co-Diagnostics, Inc.) | |
|---|---|---|
| 1-year return | -73.4% | -87.1% |
| 5-year return | -100.0% | -99.6% |
| Volatility (ann.) | 169.1% | 203.9% |
| Beta vs S&P 500 | 1.83 | 2.30 |
| Max drawdown (3Y) | -99.7% | -97.9% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNEY | CODX |
|---|---|---|
| 2022 | -73.2% | -71.8% |
| 2023 | -91.3% | -47.2% |
| 2024 | -84.3% | -43.6% |
| 2025 | -92.2% | -77.5% |
| 2026 | -0.1% | -75.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNEY and CODX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CNEY and CODX?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.62 over the last year and 0.31 over 5 years.
Is CODX a good diversifier for CNEY?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cney-vs-codx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cney-vs-codx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CNEY correlations · CODX correlations
