Co Diagnostics Correlations

CODX Stock

USD 0.28 0.02 7.69%

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 0.1 (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.

Build AI portfolio with CODX Stock

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

0.61	CI	Cigna Corp	Pair Corr
0.89	EKSO	Ekso Bionics Holdings	Pair Corr
0.73	ELMD	Electromed	Pair Corr
0.71	EMBC	Embecta Corp	Pair Corr
0.76	MSPRW	MSP Recovery Symbol Change	Pair Corr
0.67	MSPRZ	MSP Recovery Symbol Change	Pair Corr
0.67	MNDR	Mobile health Network	Pair Corr

Moving against CODX Stock

0.81	OM	Outset Medical	Pair Corr
0.73	DH	Definitive Healthcare	Pair Corr
0.7	VEEV	Veeva Systems Class	Pair Corr
0.67	DXCM	DexCom Inc Earnings Call This Week	Pair Corr
0.64	LH	Laboratory Earnings Call This Week	Pair Corr
0.58	VNRX	Volitionrx	Pair Corr
0.55	EW	Edwards Lifesciences Corp Earnings Call This Week	Pair Corr
0.79	ENSG	Ensign Group Earnings Call This Week	Pair Corr
0.66	MDAI	Spectral AI	Pair Corr
0.63	FIGS	Figs Inc	Pair Corr
0.36	ABT	Abbott Laboratories	Pair Corr
0.36	MBOT	Microbot Medical	Pair Corr
0.33	VVOS	Vivos Therapeutics	Pair Corr
0.84	NAKA	Kindly MD, Symbol Change	Pair Corr
0.67	MHUA	Meihua International	Pair Corr
0.52	MODV	ModivCare	Pair Corr
0.5	NEUE	NeueHealth	Pair Corr

Related Correlations Analysis

	OPGN	BMRA	SMLR	NAOV	VXRT	APT	VIR	IBIO	INO
OPGN		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	OPGN
BMRA	0.0		-0.34	0.74	-0.56	-0.67	0.32	0.57	-0.02	BMRA
SMLR	0.0	-0.34		-0.45	0.32	0.45	-0.27	-0.49	-0.34	SMLR
NAOV	0.0	0.74	-0.45		-0.55	-0.73	0.47	0.43	-0.11	NAOV
VXRT	0.0	-0.56	0.32	-0.55		0.62	-0.32	-0.44	0.32	VXRT
APT	0.0	-0.67	0.45	-0.73	0.62		-0.2	-0.48	-0.16	APT
VIR	0.0	0.32	-0.27	0.47	-0.32	-0.2		0.46	-0.29	VIR
IBIO	0.0	0.57	-0.49	0.43	-0.44	-0.48	0.46		0.17	IBIO
INO	0.0	-0.02	-0.34	-0.11	0.32	-0.16	-0.29	0.17		INO
	OPGN	BMRA	SMLR	NAOV	VXRT	APT	VIR	IBIO	INO

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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

NAOV	+ 0.74	BMRA
APT	+ 0.62	VXRT
IBIO	+ 0.57	BMRA
VIR	+ 0.47	NAOV
IBIO	+ 0.46	VIR
APT	+ 0.45	SMLR

High negative correlations

APT	- 0.73	NAOV
APT	- 0.67	BMRA
VXRT	- 0.56	BMRA
VXRT	- 0.55	NAOV
IBIO	- 0.49	SMLR
IBIO	- 0.48	APT

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
OPGN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BMRA	3.50	(0.42)	0.00	(0.21)	0.00	0.00	7.94	(6.52)	29.48
SMLR	4.93	0.23	0.07	0.24	5.01	(5.73)	11.95	(8.72)	39.62
NAOV	8.32	(2.00)	0.00	(1.20)	0.00	0.00	34.48	(21.89)	98.23
VXRT	5.96	0.03	0.04	0.14	6.34	(8.26)	16.67	(9.09)	55.21
APT	1.49	0.16	0.03	1.19	1.42	(1.82)	3.49	(2.26)	9.48
VIR	2.74	(0.20)	(0.03)	0.01	3.65	(2.85)	5.83	(4.82)	16.68
IBIO	5.05	(0.71)	0.00	(0.33)	0.00	0.00	11.11	(10.91)	32.30
INO	3.49	(0.33)	0.00	(0.13)	0.00	0.00	7.08	(6.22)	45.63

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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