I've run Cody with about 300 armor modded. Full clones he's pushing 1050 armor. He's taking about 2/3 of the damage that Fives is taking and less than half what rex is taking. This points to around 67% damage reduction.
His hp total is about 28k vs 48k on rex. Adjusted for ehp, he's getting about 60k relative ehp to rex's 48k. There are lots of problems though. Its just too easy to pick them off 1 by 1. Sarge/Rex/Echo will usually drop in turn 1 or 2 on defense.
Not including self effects, Cody is the worst of the 3 viable clone leads. Rex/JKA then Cody by a big margin.