CODX vs MTVA: Correlation
Co-Diagnostics, Inc. (CODX) and MetaVia Inc. (MTVA) show a strong relationship: their 3-year correlation of weekly returns is 0.73.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CODX and MTVA?
Over the past 3 years, CODX and MTVA moved with a correlation of 0.73, which is strong. The link has tightened recently: the 1-year correlation (0.84) runs above the 3-year figure (0.73). Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 25869.1 %².
In CODX's tracked universe of 24 assets, MTVA sits right near the top at #2. On 12-month performance MTVA holds a 10.9-point edge, -87.1% against -76.2%.
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 MTVA: side by side
| CODX (Co-Diagnostics, Inc.) | MTVA (MetaVia Inc.) | |
|---|---|---|
| 1-year return | -87.1% | -76.2% |
| 5-year return | -99.6% | -100.0% |
| Volatility (ann.) | 203.9% | 173.6% |
| Beta vs S&P 500 | 2.30 | 1.46 |
| Max drawdown (3Y) | -97.9% | -98.6% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CODX | MTVA |
|---|---|---|
| 2022 | -71.8% | -98.0% |
| 2023 | -47.2% | -35.6% |
| 2024 | -43.6% | -45.1% |
| 2025 | -77.5% | -62.3% |
| 2026 | -75.1% | -80.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CODX and MTVA good diversifiers for each other?
Only partially. A correlation of 0.73 means CODX and MTVA 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 MTVA?
As of 2026-08-27, the correlation of weekly returns between CODX and MTVA is 0.73 over 3 years, 0.84 over 1 year and 0.61 over 5 years.
Is MTVA a good diversifier for CODX?
Only partially. A correlation of 0.73 means CODX and MTVA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.73 mean?
A reading of 0.73 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-mtva.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/codx-vs-mtva/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CODX correlations · MTVA correlations
