CODX vs HYFT: Correlation
Co-Diagnostics, Inc. (CODX) and MindWalk Holdings Corp. (HYFT) 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 CODX and HYFT?
Over the past 3 years, CODX and HYFT moved with a correlation of 0.32, which is moderate. The link has tightened recently: the 1-year correlation (0.57) runs above the 3-year figure (0.32). Over 5 years the correlation is 0.28, and the annualized covariance of weekly returns is 7199.7 %².
By 3-year correlation, HYFT places #15 of the 24 assets tracked against CODX. Their recent paths diverged sharply: over the last 12 months HYFT outperformed by 40.7 percentage points (-87.1% for CODX against -46.4% for HYFT). Note the risk asymmetry: CODX runs 1.9 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 HYFT: side by side
| CODX (Co-Diagnostics, Inc.) | HYFT (MindWalk Holdings Corp.) | |
|---|---|---|
| 1-year return | -87.1% | -46.4% |
| 5-year return | -99.6% | -80.2% |
| Volatility (ann.) | 203.9% | 110.1% |
| Beta vs S&P 500 | 2.30 | 1.42 |
| Max drawdown (3Y) | -97.9% | -86.3% |
| 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 | HYFT |
|---|---|---|
| 2022 | -71.8% | -2.8% |
| 2023 | -47.2% | -67.2% |
| 2024 | -43.6% | -75.9% |
| 2025 | -77.5% | +341.7% |
| 2026 | -75.1% | -22.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CODX and HYFT good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CODX and HYFT?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.57 over the last year and 0.28 over 5 years.
Is HYFT a good diversifier for CODX?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined 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/codx-vs-hyft.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/codx-vs-hyft/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CODX correlations · HYFT correlations
