For magnonics and spintronics applications, the spin polarization (P) of a transport current and the magnetic damping (α) play a crucial role, e.g. for magnetization dynamics and magnetization switching applications. In particular, P in a glassy (amorphous) 3d transition ferromagnet such as CoFeB and α are both strongly affected by s−d scattering mechanisms. Hence, a correlation can be expected which is a priori difficult to predict. In this work, P and α are measured using current-induced Doppler shifts using propagating spin-wave spectroscopy and broadband ferromagnetic resonance techniques in blanket films and current-carrying CoxFe80−xB20 alloy microstrips. The measured P ranges from 0.18 ± 0.05 to 0.39 ± 0.05 and α ranges from (4.0±0.2)⋅10−3 to (9.7±0.6)⋅10−3. We find that for increasing P a systematic drop in α is observed, indicating an interplay between magnetic damping and the spin polarization of the transport current which suggests that interband scattering dominates in CoxFe80−xB20. Our results may guide future experiments, theory, and applications in advancing spintronics and metal magnonics.For magnonics and spintronics applications, the spin polarization (P) of a transport current and the magnetic damping (α) play a crucial role, e.g. for magnetization dynamics and magnetization switching applications. In particular, P in a glassy (amorphous) 3d transition ferromagnet such as CoFeB and α are both strongly affected by s−d scattering mechanisms. Hence, a correlation can be expected which is a priori difficult to predict. In this work, P and α are measured using current-induced Doppler shifts using propagating spin-wave spectroscopy and broadband ferromagnetic resonance techniques in blanket films and current-carrying CoxFe80−xB20 alloy microstrips. The measured P ranges from 0.18 ± 0.05 to 0.39 ± 0.05 and α ranges from (4.0±0.2)⋅10−3 to (9.7±0.6)⋅10−3. We find that for increasing P a systematic drop in α is observed, indicating an interplay between magnetic damping and the spin polarization of the transport current which suggests that interband scattering dominates in CoxFe80−xB20. Our results may guide future experiments, theory, and applications in advancing spintronics and metal magnonics