CODX vs OXSQ: Correlation
How closely do Co-Diagnostics, Inc. (CODX) and Oxford Square Capital Corp. - Closed End Fund (OXSQ) trade together? Their weekly returns over three years give a correlation of -0.41, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CODX and OXSQ?
On 3 years of weekly data the CODX/OXSQ correlation comes out at -0.41, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.54) runs below the 3-year figure (-0.41). The 5-year figure is -0.28, and annualized covariance runs at -2209.0 %².
OXSQ is close to the least connected end of CODX's tracked universe, ranking #24 of 24. Their recent paths diverged sharply: over the last 12 months OXSQ outperformed by 66.2 percentage points (-87.1% for CODX against -20.9% for OXSQ). One caveat on sizing: CODX is 7.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 OXSQ: side by side
| CODX (Co-Diagnostics, Inc.) | OXSQ (Oxford Square Capital Corp. - Closed End Fund) | |
|---|---|---|
| 1-year return | -87.1% | -20.9% |
| 5-year return | -99.6% | -29.3% |
| Volatility (ann.) | 203.9% | 26.1% |
| Beta vs S&P 500 | 2.30 | 0.39 |
| Max drawdown (3Y) | -97.9% | -46.0% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 31.11% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CODX | OXSQ |
|---|---|---|
| 2022 | -71.8% | -14.4% |
| 2023 | -47.2% | +9.2% |
| 2024 | -43.6% | -1.9% |
| 2025 | -77.5% | -13.3% |
| 2026 | -75.1% | -8.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CODX and OXSQ good diversifiers for each other?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CODX and OXSQ?
As of 2026-08-27, the correlation of weekly returns between CODX and OXSQ is -0.41 over 3 years, -0.54 over 1 year and -0.28 over 5 years.
Is OXSQ a good diversifier for CODX?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.41 mean?
On the −1 to +1 scale, -0.41 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-oxsq.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/codx-vs-oxsq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CODX correlations · OXSQ correlations
