COR vs FLEX: Correlation
Cencora (COR) and Flex Ltd. (FLEX) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COR and FLEX?
On 3 years of weekly data the COR/FLEX correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.51) runs below the 3-year figure (-0.28). The 5-year figure is -0.09, and annualized covariance runs at -317.5 %².
Among the 43 assets we track against COR, FLEX ranks #36 by 3-year correlation. The last year tells two different stories: FLEX led by 103.2 percentage points, +11.4% for COR against +114.6% for FLEX. This link changes with the market regime, having swung between -0.52 and 0.23 on a rolling one-year basis. Note the risk asymmetry: FLEX runs 2.3 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.
COR vs FLEX: side by side
| COR (Cencora) | FLEX (Flex Ltd.) | |
|---|---|---|
| 1-year return | +11.4% | +114.6% |
| 5-year return | +188.6% | +716.5% |
| Volatility (ann.) | 21.9% | 50.9% |
| Beta vs S&P 500 | 0.08 | 1.70 |
| Max drawdown (3Y) | -32.4% | -40.0% |
| Market cap | $61.3B | $42.6B |
| P/E (trailing) | 24.3 | 43.2 |
| Dividend yield | 0.72% | 0.00% |
| Sector / category | Health Care | Information Technology |
Year-by-year returns
| Year | COR | FLEX |
|---|---|---|
| 2022 | +26.3% | +17.1% |
| 2023 | +25.3% | +41.9% |
| 2024 | +10.4% | +67.2% |
| 2025 | +51.5% | +57.4% |
| 2026 | -4.3% | +90.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COR and FLEX good diversifiers for each other?
Yes. With a correlation of -0.28, COR and FLEX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between COR and FLEX?
The COR/FLEX correlation stands at -0.28 on a 3-year window (1 year: -0.51, 5 years: -0.09), computed from weekly returns as of 2026-08-27.
Is FLEX a good diversifier for COR?
Yes. With a correlation of -0.28, COR and FLEX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 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/cor-vs-flex.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cor-vs-flex/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: COR correlations · FLEX correlations
