diff --git a/codecov.yaml b/codecov.yaml
index 33f6aec9f..cf8225819 100644
--- a/codecov.yaml
+++ b/codecov.yaml
@@ -2,15 +2,34 @@ coverage:
   status:
     project:
       default:
-        # Commits pushed to master should not make the overall
-        # project coverage decrease by more than 1%:
-        target: auto
-        threshold: 1%
-    patch:
-      default:
-        # Be tolerant on slight code coverage diff on PRs to limit
-        # noisy red coverage status on github PRs.
-        # Note: The coverage stats are still uploaded
-        # to codecov so that PR reviewers can see uncovered lines
+        # by default, we only care about test coverage of the main
+        # rust crates
         target: auto
         threshold: 1%
+        paths:
+          - "crates/matrix-sdk/"
+          - "crates/matrix-sdk-appservice/"
+          - "crates/matrix-sdk-base/"
+          - "crates/matrix-sdk-common/"
+          - "crates/matrix-sdk-crypto/"
+          - "crates/matrix-sdk-qrcode/"
+          - "crates/matrix-sdk-sled/"
+          - "crates/matrix-sdk-store-encryption/"
+          # Coverage of wasm tests isn't supported at the moment,
+          # see rustwasm/wasm-bindgen#2276
+          # - "crates/matrix-sdk-indexeddb"
+      bindings:
+        # Coverage of binding tests is recorded but for informational
+        # purposes only
+        informational: true
+        paths:
+          - "bindings/"
+          - "crates/matrix-sdk-crypto-ffi/"
+          - "crates/matrix-sdk-ffi/"
+      labs:
+        # Coverage of lab tests is recorded but for informational
+        # purposes only
+        informational: true
+        paths:
+          - "labs/"
+    patch: off