CODX vs INM: Correlation
How closely do Co-Diagnostics, Inc. (CODX) and InMed Pharmaceuticals Inc. (INM) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CODX and INM?
Across a 3-year window, the weekly returns of CODX and INM correlate at 0.57, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.83 versus 0.57 over 3 years. Stretching to 5 years gives 0.49, with an annualized covariance of 19643.2 %².
Within CODX's tracked universe of 24 assets, INM comes in at #4 by 3-year correlation. The last year tells two different stories: INM led by 50.7 percentage points, -87.1% for CODX against -36.4% for INM.
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 INM: side by side
| CODX (Co-Diagnostics, Inc.) | INM (InMed Pharmaceuticals Inc.) | |
|---|---|---|
| 1-year return | -87.1% | -36.4% |
| 5-year return | -99.6% | -99.9% |
| Volatility (ann.) | 203.9% | 169.8% |
| Beta vs S&P 500 | 2.30 | 2.62 |
| Max drawdown (3Y) | -97.9% | -96.9% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CODX | INM |
|---|---|---|
| 2022 | -71.8% | -93.8% |
| 2023 | -47.2% | -79.4% |
| 2024 | -43.6% | -43.0% |
| 2025 | -77.5% | -77.6% |
| 2026 | -75.1% | +34.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CODX and INM good diversifiers for each other?
Only partially. A correlation of 0.57 means CODX and INM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CODX and INM?
The CODX/INM correlation stands at 0.57 on a 3-year window (1 year: 0.83, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is INM a good diversifier for CODX?
Only partially. A correlation of 0.57 means CODX and INM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.57 mean?
On the −1 to +1 scale, 0.57 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/codx-vs-inm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/codx-vs-inm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CODX correlations · INM correlations
