CODX vs VRAX: Correlation
Measured on weekly returns over the past three years, Co-Diagnostics, Inc. (CODX) and Virax Biolabs Group Limited (VRAX) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CODX and VRAX?
Over the past 3 years, CODX and VRAX moved with a correlation of 0.39, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.54 versus 0.39 over 3 years. Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 12500.2 %².
By 3-year correlation, VRAX places #13 of the 24 assets tracked against CODX. Over the last 12 months VRAX came out ahead by 6.9 percentage points (-87.1% against -80.2%).
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 VRAX: side by side
| CODX (Co-Diagnostics, Inc.) | VRAX (Virax Biolabs Group Limited) | |
|---|---|---|
| 1-year return | -87.1% | -80.2% |
| 5-year return | -99.6% | n/a |
| Volatility (ann.) | 203.9% | 158.1% |
| Beta vs S&P 500 | 2.30 | 2.55 |
| Max drawdown (3Y) | -97.9% | -98.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CODX | VRAX |
|---|---|---|
| 2022 | -71.8% | – |
| 2023 | -47.2% | -80.0% |
| 2024 | -43.6% | +54.1% |
| 2025 | -77.5% | -84.6% |
| 2026 | -75.1% | -66.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CODX and VRAX good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CODX and VRAX?
The CODX/VRAX correlation stands at 0.39 on a 3-year window (1 year: 0.54, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is VRAX a good diversifier for CODX?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/codx-vs-vrax.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/codx-vs-vrax/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CODX correlations · VRAX correlations
