CODX vs WMT: Correlation
Measured on weekly returns over the past three years, Co-Diagnostics, Inc. (CODX) and Walmart (WMT) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CODX and WMT?
Over the past 3 years, CODX and WMT moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.38 versus -0.22 over 3 years. Over 5 years the correlation is -0.16, and the annualized covariance of weekly returns is -1039.1 %².
Out of 24 assets tracked against CODX, WMT lands near the bottom at #20. The last year tells two different stories: WMT led by 94.8 percentage points, -87.1% for CODX against +7.7% for WMT. One caveat on sizing: CODX is 8.9 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 WMT: side by side
| CODX (Co-Diagnostics, Inc.) | WMT (Walmart) | |
|---|---|---|
| 1-year return | -87.1% | +7.7% |
| 5-year return | -99.6% | +121.9% |
| Volatility (ann.) | 203.9% | 23.0% |
| Beta vs S&P 500 | 2.30 | 0.53 |
| Max drawdown (3Y) | -97.9% | -23.3% |
| Market cap | – | $816.7B |
| P/E (trailing) | – | 37.1 |
| Dividend yield | 0.00% | 0.92% |
| Sector / category | US Listed | Consumer Staples |
Year-by-year returns
| Year | CODX | WMT |
|---|---|---|
| 2022 | -71.8% | -0.5% |
| 2023 | -47.2% | +12.9% |
| 2024 | -43.6% | +74.0% |
| 2025 | -77.5% | +24.5% |
| 2026 | -75.1% | -7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CODX and WMT good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CODX and WMT?
As of 2026-08-27, the correlation of weekly returns between CODX and WMT is -0.22 over 3 years, -0.38 over 1 year and -0.16 over 5 years.
Is WMT a good diversifier for CODX?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 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-wmt.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/codx-vs-wmt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CODX correlations · WMT correlations
