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The real value of the odometry input to a position estimation is not the absolute position (which becomes progressively more useless over time), but rather the velocity estimates in the odometry, which give a rough difference between the previous estimated position and the current position. These can have statically assigned covariances.

If you understand your system particularly well, or if it's particularly nonlinear, it may be wise to model the velocity covariance as a function of the velocity.