CODI vs ITP: Correlation
How closely do D/B/A Compass Diversified Holdings Shares of Beneficial (CODI) and IT Tech Packaging, Inc. (ITP) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CODI and ITP?
Over the past 3 years, CODI and ITP moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.05) than the 3-year average (-0.24). Over 5 years the correlation is -0.14, and the annualized covariance of weekly returns is -1403.3 %².
Within CODI's tracked universe of 17 assets, ITP comes in at #12 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CODI ahead by 59.2 points (+49.4% versus -9.8%).
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.
CODI vs ITP: side by side
| CODI (D/B/A Compass Diversified Holdings Shares of Beneficial) | ITP (IT Tech Packaging, Inc.) | |
|---|---|---|
| 1-year return | +49.4% | -9.8% |
| 5-year return | -53.0% | -95.6% |
| Volatility (ann.) | 63.2% | 94.0% |
| Beta vs S&P 500 | 1.45 | 0.05 |
| Max drawdown (3Y) | -80.3% | -76.1% |
| Market cap | $0.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CODI | ITP |
|---|---|---|
| 2022 | -37.7% | -80.0% |
| 2023 | +29.4% | -32.6% |
| 2024 | +7.5% | +93.5% |
| 2025 | -78.6% | -63.3% |
| 2026 | +134.4% | -18.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CODI and ITP good diversifiers for each other?
Yes. With a correlation of -0.24, CODI and ITP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CODI and ITP?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.05 over the last year and -0.14 over 5 years.
Is ITP a good diversifier for CODI?
Yes. With a correlation of -0.24, CODI and ITP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 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/codi-vs-itp.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/codi-vs-itp/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CODI correlations · ITP correlations
