CODX vs. MUSA

Last updated Jun 26, 2026

CODX (Co-Diagnostics, Inc.) and MUSA (Murphy USA Inc.) are both stocks. CODX operates in Diagnostics & Research (Healthcare), while MUSA operates in Specialty Retail (Consumer Cyclical). Over the past 5 years, CODX returned -58.80%/yr vs 32.40%/yr for MUSA. At a 0.03 correlation, their price movements are largely independent.

Performance

CODX vs. MUSA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Co-Diagnostics, Inc. (CODX) and Murphy USA Inc. (MUSA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CODX achieves a -39.70% return, which is significantly lower than MUSA's 30.15% return.

CODX

• 1D: -14.57%
• 1M: -66.52%
• YTD: -39.70%
• 6M: -57.78%
• 1Y: -63.20%
• 3Y*: -54.92%
• 5Y*: -58.80%
• 10Y*: —

MUSA

• 1D: -1.39%
• 1M: -1.40%
• YTD: 30.15%
• 6M: 28.00%
• 1Y: 29.67%
• 3Y*: 22.27%
• 5Y*: 32.40%
• 10Y*: 22.37%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CODX vs. MUSA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CODX Co-Diagnostics, Inc.	-39.70%	-77.52%	-43.61%	-47.22%	-71.78%	-3.98%	939.11%	-39.93%	-43.56%	-56.00%
MUSA Murphy USA Inc.	30.15%	-19.15%	41.27%	28.20%	41.02%	53.33%	12.06%	52.66%	-4.63%	13.07%

Correlation

The correlation between CODX and MUSA is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jul 12, 2017	0.03

Fundamentals

Market Cap CODX : $4.06M MUSA : $9.80B
EPS CODX : -$38.06 MUSA : $28.85
PS Ratio CODX : 6.04 MUSA : 0.51
PB Ratio CODX : 0.20 MUSA : 14.87
Total Revenue (TTM) CODX : $622.49K MUSA : $19.68B
Gross Profit (TTM) CODX : $400.11K MUSA : $487.10M
EBITDA (TTM) CODX : -$47.41M MUSA : $1.06B

Return for Risk

CODX vs. MUSA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CODX

CODX Risk / Return Rank: 49
CODX Sharpe Ratio Rank: 36
CODX Sortino Ratio Rank: 80
CODX Omega Ratio Rank: 82
CODX Calmar Ratio Rank: 19
CODX Martin Ratio Rank: 26

MUSA

MUSA Risk / Return Rank: 67
MUSA Sharpe Ratio Rank: 68
MUSA Sortino Ratio Rank: 63
MUSA Omega Ratio Rank: 65
MUSA Calmar Ratio Rank: 71
MUSA Martin Ratio Rank: 69

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CODX vs. MUSA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Co-Diagnostics, Inc. (CODX) and Murphy USA Inc. (MUSA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CODX	MUSA	Difference
Sharpe ratio: Return per unit of total volatility	-0.18	0.76	-0.94
Sortino ratio: Return per unit of downside risk	2.18	1.24	+0.94
Omega ratio: Gain probability vs. loss probability	1.30	1.17	+0.13
Calmar ratio: Return relative to maximum drawdown	-0.66	1.51	-2.17
Martin ratio: Return relative to average drawdown	-0.88	3.05	-3.92

CODX vs. MUSA - Sharpe Ratio Comparison

The current CODX Sharpe Ratio is -0.18, which is lower than the MUSA Sharpe Ratio of 0.76. The chart below compares the historical Sharpe Ratios of CODX and MUSA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CODX vs. MUSA - Drawdown Comparison

The maximum CODX drawdown since its inception was -99.86%, which is greater than MUSA's maximum drawdown of -35.54%. Use the drawdown chart below to compare losses from any high point for CODX and MUSA.

Drawdown Indicators

	CODX	MUSA	Difference
Max Drawdown Largest peak-to-trough decline	-99.86%	-35.54%	-64.32%
Max Drawdown (1Y) Largest decline over 1 year	-96.60%	-19.72%	-76.88%
Max Drawdown (3Y) Largest decline over 3 years	-97.68%	-35.54%	-62.14%
Max Drawdown (5Y) Largest decline over 5 years	-99.62%	-35.54%	-64.08%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.54%	—
Current Drawdown Current decline from peak	-99.67%	-15.87%	-83.80%
Average Drawdown Average peak-to-trough decline	-76.70%	-9.97%	-66.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	72.17%	9.76%	+62.41%

Volatility

CODX vs. MUSA - Volatility Comparison

Co-Diagnostics, Inc. (CODX) has a higher volatility of 73.64% compared to Murphy USA Inc. (MUSA) at 14.42%. This indicates that CODX's price experiences larger fluctuations and is considered to be riskier than MUSA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CODX	MUSA	Difference
Volatility (1M) Calculated over the trailing 1-month period	73.64%	14.42%	+59.22%
Volatility (6M) Calculated over the trailing 6-month period	189.80%	31.33%	+158.47%
Volatility (1Y) Calculated over the trailing 1-year period	351.60%	39.31%	+312.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	172.98%	30.63%	+142.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	171.55%	31.44%	+140.11%

Dividends

CODX vs. MUSA - Dividend Comparison

CODX has not paid dividends to shareholders, while MUSA's dividend yield for the trailing twelve months is around 0.46%.

Position	TTM	2025	2024	2023	2022	2021	2020
CODX Co-Diagnostics, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MUSA Murphy USA Inc.	0.46%	0.53%	0.36%	0.43%	0.45%	0.52%	0.19%

Financials

Frequently Asked Questions

Can I hold both CODX and MUSA in my portfolio?

CODX and MUSA have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CODX or MUSA?

CODX has higher volatility (73.64%) compared to MUSA (14.42%). In terms of maximum drawdown, CODX dropped -99.86% vs MUSA's -35.54%.

Which has better risk-adjusted returns?

MUSA currently has the higher Sharpe Ratio (0.76 vs -0.18), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.