CODI vs TOVX: Correlation
D/B/A Compass Diversified Holdings Shares of Beneficial (CODI) and Theriva Biologics, Inc. (TOVX) show a moderate relationship: their 3-year correlation of weekly returns is 0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CODI and TOVX?
Over the past 3 years, CODI and TOVX moved with a correlation of 0.32, which is moderate. Recent behaviour matches the longer record: 0.31 over 1 year against 0.32 over 3. Over 5 years the correlation is 0.30, and the annualized covariance of weekly returns is 2204.0 %².
Within CODI's tracked universe of 17 assets, TOVX comes in at #10 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CODI ahead by 89.3 points (+49.4% versus -39.9%). Risk is not evenly split, since TOVX carries 1.7 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.
CODI vs TOVX: side by side
| CODI (D/B/A Compass Diversified Holdings Shares of Beneficial) | TOVX (Theriva Biologics, Inc.) | |
|---|---|---|
| 1-year return | +49.4% | -39.9% |
| 5-year return | -53.0% | -99.8% |
| Volatility (ann.) | 63.2% | 108.1% |
| Beta vs S&P 500 | 1.45 | 1.15 |
| Max drawdown (3Y) | -80.3% | -98.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | – | 0.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CODI | TOVX |
|---|---|---|
| 2022 | -37.7% | -83.3% |
| 2023 | +29.4% | -4.4% |
| 2024 | +7.5% | -83.7% |
| 2025 | -78.6% | -88.0% |
| 2026 | +134.4% | +20.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CODI and TOVX good diversifiers for each other?
Reasonably. At 0.32, CODI and TOVX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CODI and TOVX?
The CODI/TOVX correlation stands at 0.32 on a 3-year window (1 year: 0.31, 5 years: 0.30), computed from weekly returns as of 2026-08-27.
Is TOVX a good diversifier for CODI?
Reasonably. At 0.32, CODI and TOVX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.32 mean?
A reading of 0.32 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/codi-vs-tovx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/codi-vs-tovx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CODI correlations · TOVX correlations
