CDRO vs FLNC: Correlation
How closely do Codere Online Luxembourg, S.A. (CDRO) and Fluence Energy, Inc. (FLNC) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDRO and FLNC?
Over the past 3 years, CDRO and FLNC moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.17 over 1 year against -0.21 over 3. Over 5 years the correlation is 0.01, and the annualized covariance of weekly returns is -1012.4 %².
Out of 10 assets tracked against CDRO, FLNC lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months FLNC outperformed by 48.4 percentage points (+8.6% for CDRO against +57.0% for FLNC). One caveat on sizing: FLNC is 2.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
CDRO vs FLNC: side by side
| CDRO (Codere Online Luxembourg, S.A.) | FLNC (Fluence Energy, Inc.) | |
|---|---|---|
| 1-year return | +8.6% | +57.0% |
| 5-year return | -9.1% | -67.3% |
| Volatility (ann.) | 44.5% | 109.2% |
| Beta vs S&P 500 | 0.65 | 2.11 |
| Max drawdown (3Y) | -37.6% | -86.9% |
| Market cap | $0.4B | $2.1B |
| P/E (trailing) | 225.0 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CDRO | FLNC |
|---|---|---|
| 2022 | -57.1% | -51.8% |
| 2023 | +14.0% | +39.1% |
| 2024 | +119.4% | -33.4% |
| 2025 | +24.5% | +24.6% |
| 2026 | +12.1% | -42.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDRO and FLNC good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between CDRO and FLNC?
The CDRO/FLNC correlation stands at -0.21 on a 3-year window (1 year: -0.17, 5 years: 0.01), computed from weekly returns as of 2026-08-27.
Is FLNC a good diversifier for CDRO?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cdro-vs-flnc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cdro-vs-flnc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CDRO correlations · FLNC correlations
