CODX vs FRGT: Correlation
How closely do Co-Diagnostics, Inc. (CODX) and Freight Technologies, Inc. (FRGT) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CODX and FRGT?
Across a 3-year window, the weekly returns of CODX and FRGT correlate at 0.38, moderate. The past 12 months show a tighter link (0.70) than the 3-year average (0.38). Stretching to 5 years gives 0.30, with an annualized covariance of 9231.5 %².
By 3-year correlation, FRGT places #14 of the 24 assets tracked against CODX. On 12-month performance CODX holds a 8.3-point edge, -87.1% against -95.4%. One caveat on sizing: CODX is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CODX vs FRGT: side by side
| CODX (Co-Diagnostics, Inc.) | FRGT (Freight Technologies, Inc.) | |
|---|---|---|
| 1-year return | -87.1% | -95.4% |
| 5-year return | -99.6% | -100.0% |
| Volatility (ann.) | 203.9% | 119.4% |
| Beta vs S&P 500 | 2.30 | 1.68 |
| Max drawdown (3Y) | -97.9% | -100.0% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CODX | FRGT |
|---|---|---|
| 2022 | -71.8% | -96.2% |
| 2023 | -47.2% | -85.3% |
| 2024 | -43.6% | -97.8% |
| 2025 | -77.5% | -95.6% |
| 2026 | -75.1% | -82.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CODX and FRGT good diversifiers for each other?
Reasonably. At 0.38, CODX and FRGT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CODX and FRGT?
As of 2026-08-27, the correlation of weekly returns between CODX and FRGT is 0.38 over 3 years, 0.70 over 1 year and 0.30 over 5 years.
Is FRGT a good diversifier for CODX?
Reasonably. At 0.38, CODX and FRGT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
A reading of 0.38 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/codx-vs-frgt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/codx-vs-frgt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CODX correlations · FRGT correlations
