Co Diagnostics Correlations

CODX Stock

USD 0.94 0.01 1.08%

The current 90-days correlation between Co Diagnostics and Rapid Micro Biosystems is 0.18 (i.e., Average diversification). The correlation of Co Diagnostics is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Co Diagnostics Correlation With Market

Average diversification

The correlation between Co Diagnostics and DJI is 0.12 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Co Diagnostics and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Co Diagnostics. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

For more information on how to buy CODX Stock please use our How to Invest in Co Diagnostics guide.

Moving together with CODX Stock

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0.65	LIFWW	MSP Recovery	Pair Corr
0.68	AIMD	Ainos Inc	Pair Corr

Moving against CODX Stock

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0.73	VREX	Varex Imaging Corp	Pair Corr
0.72	DOCS	Doximity Sell-off Trend	Pair Corr
0.66	OM	Outset Medical	Pair Corr
0.65	MD	Mednax Inc	Pair Corr
0.61	GH	Guardant Health	Pair Corr
0.54	LH	Laboratory	Pair Corr
0.54	DXCM	DexCom Inc	Pair Corr
0.41	VEEV	Veeva Systems Class Earnings Call This Week	Pair Corr
0.86	PODD	Insulet	Pair Corr
0.76	MMSI	Merit Medical Systems	Pair Corr
0.75	BSX	Boston Scientific Corp	Pair Corr
0.74	SYK	Stryker	Pair Corr
0.74	LNSR	LENSAR Inc	Pair Corr
0.67	WGS	GeneDx Holdings Corp	Pair Corr
0.62	NPCE	Neuropace	Pair Corr
0.52	OFIX	Orthofix Medical	Pair Corr
0.48	FNA	Paragon 28	Pair Corr
0.46	ABT	Abbott Laboratories Fiscal Year End 22nd of January 2025	Pair Corr
0.41	ENOV	Enovis Corp	Pair Corr
0.84	TCMD	Tactile Systems Tech	Pair Corr
0.65	CVRX	CVRx Inc Fiscal Year End 23rd of January 2025	Pair Corr
0.51	AORT	Artivion	Pair Corr
0.5	CTKB	Cytek Biosciences	Pair Corr
0.46	BWAY	Brainsway	Pair Corr
0.45	DMAC	DiaMedica Therapeutics	Pair Corr

Related Correlations Analysis

	HSCS	NAOV	RPID	THMO	BMRA	NMRD	BJDX	MOVE	INVO	NVNO
HSCS		-0.35	-0.43	0.28	-0.07	-0.67	0.28	0.64	-0.5	-0.21	HSCS
NAOV	-0.35		0.26	-0.12	-0.16	0.55	-0.08	-0.05	0.13	0.23	NAOV
RPID	-0.43	0.26		-0.69	0.05	0.66	-0.69	-0.67	0.44	-0.52	RPID
THMO	0.28	-0.12	-0.69		0.07	-0.45	0.7	0.58	-0.32	0.61	THMO
BMRA	-0.07	-0.16	0.05	0.07		0.35	0.44	-0.1	0.38	0.34	BMRA
NMRD	-0.67	0.55	0.66	-0.45	0.35		-0.27	-0.63	0.53	0.12	NMRD
BJDX	0.28	-0.08	-0.69	0.7	0.44	-0.27		0.58	-0.04	0.78	BJDX
MOVE	0.64	-0.05	-0.67	0.58	-0.1	-0.63	0.58		-0.42	0.25	MOVE
INVO	-0.5	0.13	0.44	-0.32	0.38	0.53	-0.04	-0.42		0.19	INVO
NVNO	-0.21	0.23	-0.52	0.61	0.34	0.12	0.78	0.25	0.19		NVNO
	HSCS	NAOV	RPID	THMO	BMRA	NMRD	BJDX	MOVE	INVO	NVNO

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

NVNO	+ 0.78	BJDX
BJDX	+ 0.7	THMO
NMRD	+ 0.66	RPID
MOVE	+ 0.64	HSCS
NVNO	+ 0.61	THMO
MOVE	+ 0.58	THMO

High negative correlations

BJDX	- 0.69	RPID
THMO	- 0.69	RPID
MOVE	- 0.67	RPID
NMRD	- 0.67	HSCS
MOVE	- 0.63	NMRD
NVNO	- 0.52	RPID

Risk-Adjusted Indicators

There is a big difference between CODX Stock performing well and Co Diagnostics Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Co Diagnostics' multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
HSCS	4.96	(0.16)	0.00	0.04	5.26	(6.40)	11.44	(8.97)	58.33
NAOV	4.26	0.34	0.05	0.49	4.97	(5.29)	9.26	(7.46)	32.03
RPID	2.25	0.13	0.05	0.22	2.65	(2.69)	4.59	(4.55)	24.78
THMO	5.25	(0.88)	0.00	(26.46)	0.00	0.00	9.72	(16.67)	40.73
BMRA	4.26	(0.72)	0.00	(0.26)	0.00	0.00	7.14	(10.26)	25.60
NMRD	4.82	0.07	0.04	0.15	5.23	(6.03)	14.29	(9.72)	35.66
BJDX	6.47	(1.07)	0.00	(2.07)	0.00	0.00	13.03	(13.14)	120.52
MOVE	4.66	0.25	0.05	0.27	5.40	(5.92)	10.76	(8.81)	35.49
INVO	4.97	0.31	0.05	0.52	4.69	(8.22)	6.67	(6.85)	105.62
NVNO	2.79	(0.78)	0.00	(1.20)	0.00	0.00	4.22	(5.59)	33.20

Co Diagnostics Corporate Management

Christopher Thurston	Chief Officer	Profile
Andrew Benson	Head Relations	Profile
Mayuranki Almaula	Senior Alliances	Profile
Dan CPA	Vice Accounting	Profile
Ivory Chang	Chief Officer	Profile

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