CODX vs SPY: Correlation
How closely do Co-Diagnostics, Inc. (CODX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.16, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CODX and SPY?
Over the past 3 years, CODX and SPY moved with a correlation of 0.16, which is weak. The relationship has been stable: the 1-year correlation (0.17) sits close to the 3-year figure. Over 5 years the correlation is 0.15, and the annualized covariance of weekly returns is 480.3 %².
Among the 24 assets we track against CODX, SPY ranks #19 by 3-year correlation. The last year tells two different stories: SPY led by 107.7 percentage points, -87.1% for CODX against +20.6% for SPY. Note the risk asymmetry: CODX runs 14.1 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 SPY: side by side
| CODX (Co-Diagnostics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -87.1% | +20.6% |
| 5-year return | -99.6% | +82.4% |
| Volatility (ann.) | 203.9% | 14.5% |
| Beta vs S&P 500 | 2.30 | 1.00 |
| Max drawdown (3Y) | -97.9% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | CODX | SPY |
|---|---|---|
| 2022 | -71.8% | -18.2% |
| 2023 | -47.2% | +26.2% |
| 2024 | -43.6% | +24.9% |
| 2025 | -77.5% | +17.7% |
| 2026 | -75.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CODX and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.16 means the two rarely move for the same reasons.
FAQ
What is the correlation between CODX and SPY?
Using weekly returns as of 2026-08-27: 0.16 over 3 years, with 0.17 over the last year and 0.15 over 5 years.
Is SPY a good diversifier for CODX?
By historical standards, yes. A correlation of 0.16 means the two rarely move for the same reasons.
What does a correlation of 0.16 mean?
On the −1 to +1 scale, 0.16 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.
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Related comparisons
Hubs: CODX correlations · SPY correlations
