CDRO vs LIEN: Correlation
How closely do Codere Online Luxembourg, S.A. (CDRO) and Chicago Atlantic BDC, Inc. (LIEN) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDRO and LIEN?
Over the past 3 years, CDRO and LIEN moved with a correlation of 0.44, which is moderate. The past 12 months show a weaker link (0.33) than the 3-year average (0.44). Over 5 years the correlation is 0.17, and the annualized covariance of weekly returns is 513.8 %².
Few assets follow CDRO as closely as LIEN, which ranks #1 of 10 tracked partners. Twelve-month performance is nearly a tie, at +8.6% for CDRO and +5.2% for LIEN. Note the risk asymmetry: CDRO runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 LIEN: side by side
| CDRO (Codere Online Luxembourg, S.A.) | LIEN (Chicago Atlantic BDC, Inc.) | |
|---|---|---|
| 1-year return | +8.6% | +5.2% |
| 5-year return | -9.1% | +11.0% |
| Volatility (ann.) | 44.5% | 26.5% |
| Beta vs S&P 500 | 0.65 | 0.23 |
| Max drawdown (3Y) | -37.6% | -22.5% |
| Market cap | $0.4B | $0.2B |
| P/E (trailing) | 225.0 | 7.3 |
| Dividend yield | 0.00% | 13.40% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CDRO | LIEN |
|---|---|---|
| 2022 | -57.1% | – |
| 2023 | +14.0% | -1.1% |
| 2024 | +119.4% | +58.6% |
| 2025 | +24.5% | -4.0% |
| 2026 | +12.1% | +5.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDRO and LIEN good diversifiers for each other?
Reasonably. At 0.44, CDRO and LIEN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CDRO and LIEN?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.33 over the last year and 0.17 over 5 years.
Is LIEN a good diversifier for CDRO?
Reasonably. At 0.44, CDRO and LIEN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cdro-vs-lien.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cdro-vs-lien/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CDRO correlations · LIEN correlations
