CODX vs GKOS: Correlation
Co-Diagnostics, Inc. (CODX) and Glaukos Corporation (GKOS) show a negative relationship: their 3-year correlation of weekly returns is -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CODX and GKOS?
On 3 years of weekly data the CODX/GKOS correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.45 versus -0.29 over 3 years. The 5-year figure is -0.16, and annualized covariance runs at -2682.7 %².
Among the 24 assets we track against CODX, GKOS sits near the bottom by co-movement, at rank #22. Their recent paths diverged sharply: over the last 12 months GKOS outperformed by 178.3 percentage points (-87.1% for CODX against +91.2% for GKOS). Note the risk asymmetry: CODX runs 4.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 GKOS: side by side
| CODX (Co-Diagnostics, Inc.) | GKOS (Glaukos Corporation) | |
|---|---|---|
| 1-year return | -87.1% | +91.2% |
| 5-year return | -99.6% | +218.6% |
| Volatility (ann.) | 203.9% | 45.7% |
| Beta vs S&P 500 | 2.30 | 0.85 |
| Max drawdown (3Y) | -97.9% | -53.7% |
| Market cap | – | $10.7B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CODX | GKOS |
|---|---|---|
| 2022 | -71.8% | -1.7% |
| 2023 | -47.2% | +82.0% |
| 2024 | -43.6% | +88.6% |
| 2025 | -77.5% | -24.7% |
| 2026 | -75.1% | +61.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CODX and GKOS good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CODX and GKOS?
As of 2026-08-27, the correlation of weekly returns between CODX and GKOS is -0.29 over 3 years, -0.45 over 1 year and -0.16 over 5 years.
Is GKOS a good diversifier for CODX?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 mean?
A reading of -0.29 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CODX correlations · GKOS correlations
