CODX vs GCL: Correlation
Co-Diagnostics, Inc. (CODX) and GCL Global Holdings Ltd (GCL) show a moderate relationship: their 3-year correlation of weekly returns is 0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CODX and GCL?
Over the past 3 years, CODX and GCL moved with a correlation of 0.31, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.43 versus 0.31 over 3 years. Over 5 years the correlation is 0.29, and the annualized covariance of weekly returns is 5344.2 %².
Within CODX's tracked universe of 24 assets, GCL comes in at #16 by 3-year correlation. The trailing year gives GCL the advantage: -87.1% versus -81.0%, a 6.1-point spread. Risk is not evenly split, since CODX carries 2.4 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.
CODX vs GCL: side by side
| CODX (Co-Diagnostics, Inc.) | GCL (GCL Global Holdings Ltd) | |
|---|---|---|
| 1-year return | -87.1% | -81.0% |
| 5-year return | -99.6% | -93.2% |
| Volatility (ann.) | 203.9% | 85.9% |
| Beta vs S&P 500 | 2.30 | 0.21 |
| Max drawdown (3Y) | -97.9% | -96.7% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CODX | GCL |
|---|---|---|
| 2022 | -71.8% | – |
| 2023 | -47.2% | +6.1% |
| 2024 | -43.6% | +6.9% |
| 2025 | -77.5% | -90.7% |
| 2026 | -75.1% | -36.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CODX and GCL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CODX and GCL?
As of 2026-08-27, the correlation of weekly returns between CODX and GCL is 0.31 over 3 years, 0.43 over 1 year and 0.29 over 5 years.
Is GCL a good diversifier for CODX?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 mean?
A reading of 0.31 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
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Related comparisons
Hubs: CODX correlations · GCL correlations
