CODA vs ECF: Correlation
Measured on weekly returns over the past three years, Coda Octopus Group, Inc. (CODA) and Ellsworth Growth and Income Fund Ltd. (ECF) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CODA and ECF?
On 3 years of weekly data the CODA/ECF correlation comes out at 0.33, moderate. Little has changed lately, as the 1-year reading of 0.39 lands near the 3-year figure. The 5-year figure is 0.24, and annualized covariance runs at 234.0 %².
Few assets follow CODA as closely as ECF, which ranks #1 of 10 tracked partners. On 12-month performance CODA holds a 13.1-point edge, +36.0% against +22.9%. Note the risk asymmetry: CODA runs 2.6 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.
CODA vs ECF: side by side
| CODA (Coda Octopus Group, Inc.) | ECF (Ellsworth Growth and Income Fund Ltd.) | |
|---|---|---|
| 1-year return | +36.0% | +22.9% |
| 5-year return | +13.9% | +25.8% |
| Volatility (ann.) | 42.9% | 16.5% |
| Beta vs S&P 500 | 0.67 | 0.71 |
| Max drawdown (3Y) | -44.9% | -16.8% |
| Market cap | $0.1B | $0.2B |
| P/E (trailing) | 23.2 | 3.9 |
| Dividend yield | 0.00% | 7.38% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CODA | ECF |
|---|---|---|
| 2022 | -14.2% | -31.6% |
| 2023 | -12.2% | +8.0% |
| 2024 | +30.1% | +27.5% |
| 2025 | +18.8% | +30.0% |
| 2026 | +12.2% | +10.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CODA and ECF good diversifiers for each other?
Reasonably. At 0.33, CODA and ECF keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CODA and ECF?
The CODA/ECF correlation stands at 0.33 on a 3-year window (1 year: 0.39, 5 years: 0.24), computed from weekly returns as of 2026-08-27.
Is ECF a good diversifier for CODA?
Reasonably. At 0.33, CODA and ECF keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 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: CODA correlations · ECF correlations
