DOCN vs FLEX: Correlation
DigitalOcean Holdings, Inc. (DOCN) and Flex Ltd. (FLEX) show a moderate relationship: their 3-year correlation of weekly returns is 0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOCN and FLEX?
On 3 years of weekly data the DOCN/FLEX correlation comes out at 0.57, moderate. The past 12 months show a tighter link (0.67) than the 3-year average (0.57). The 5-year figure is 0.50, and annualized covariance runs at 1888.2 %².
Few assets follow DOCN as closely as FLEX, which ranks #2 of 16 tracked partners. Their recent paths diverged sharply: over the last 12 months DOCN outperformed by 161.4 percentage points (+276.0% for DOCN against +114.6% for FLEX).
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.
DOCN vs FLEX: side by side
| DOCN (DigitalOcean Holdings, Inc.) | FLEX (Flex Ltd.) | |
|---|---|---|
| 1-year return | +276.0% | +114.6% |
| 5-year return | +95.5% | +716.5% |
| Volatility (ann.) | 64.8% | 50.9% |
| Beta vs S&P 500 | 1.71 | 1.70 |
| Max drawdown (3Y) | -44.9% | -40.0% |
| Market cap | $14.3B | $42.6B |
| P/E (trailing) | 52.4 | 43.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | DOCN | FLEX |
|---|---|---|
| 2022 | -68.3% | +17.1% |
| 2023 | +44.1% | +41.9% |
| 2024 | -7.1% | +67.2% |
| 2025 | +41.2% | +57.4% |
| 2026 | +152.9% | +90.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOCN and FLEX good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DOCN and FLEX?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.67 over the last year and 0.50 over 5 years.
Is FLEX a good diversifier for DOCN?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 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/docn-vs-flex.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/docn-vs-flex/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DOCN correlations · FLEX correlations
