CODA vs HEQ: Correlation
How closely do Coda Octopus Group, Inc. (CODA) and John Hancock Diversified Income Fund (HEQ) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CODA and HEQ?
Across a 3-year window, the weekly returns of CODA and HEQ correlate at 0.32, moderate. Recent behaviour matches the longer record: 0.38 over 1 year against 0.32 over 3. Stretching to 5 years gives 0.17, with an annualized covariance of 169.2 %².
Few assets follow CODA as closely as HEQ, which ranks #3 of 10 tracked partners. Correlation aside, the last 12 months split them widely, with CODA ahead by 15.2 points (+36.0% versus +20.8%). Risk is not evenly split, since CODA carries 3.5 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.
CODA vs HEQ: side by side
| CODA (Coda Octopus Group, Inc.) | HEQ (John Hancock Diversified Income Fund) | |
|---|---|---|
| 1-year return | +36.0% | +20.8% |
| 5-year return | +13.9% | +43.5% |
| Volatility (ann.) | 42.9% | 12.3% |
| Beta vs S&P 500 | 0.67 | 0.59 |
| Max drawdown (3Y) | -44.9% | -11.5% |
| Market cap | $0.1B | $0.1B |
| P/E (trailing) | 23.2 | 7.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CODA | HEQ |
|---|---|---|
| 2022 | -14.2% | -3.1% |
| 2023 | -12.2% | -3.1% |
| 2024 | +30.1% | +11.7% |
| 2025 | +18.8% | +15.6% |
| 2026 | +12.2% | +15.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CODA and HEQ good diversifiers for each other?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CODA and HEQ?
The CODA/HEQ correlation stands at 0.32 on a 3-year window (1 year: 0.38, 5 years: 0.17), computed from weekly returns as of 2026-08-27.
Is HEQ a good diversifier for CODA?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.32 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/coda-vs-heq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/coda-vs-heq/)
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Related comparisons
Hubs: CODA correlations · HEQ correlations
