AXG vs LUCY: Correlation
Solowin Holdings - Class A (AXG) and Innovative Eyewear, Inc. (LUCY) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXG and LUCY?
Over the past 3 years, AXG and LUCY moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.06 versus -0.27 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -11577.4 %².
Among the 11 assets we track against AXG, LUCY sits near the bottom by co-movement, at rank #10. Over the last 12 months AXG came out ahead by 9.1 percentage points (-42.6% against -51.7%). Note the risk asymmetry: LUCY runs 1.6 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.
AXG vs LUCY: side by side
| AXG (Solowin Holdings - Class A) | LUCY (Innovative Eyewear, Inc.) | |
|---|---|---|
| 1-year return | -42.6% | -51.7% |
| 5-year return | n/a | n/a |
| Volatility (ann.) | 162.4% | 259.2% |
| Beta vs S&P 500 | 0.61 | 1.73 |
| Max drawdown (3Y) | -97.5% | -96.7% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AXG | LUCY |
|---|---|---|
| 2023 | – | -69.2% |
| 2024 | -44.8% | -41.7% |
| 2025 | +149.1% | -79.7% |
| 2026 | -45.3% | -5.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXG and LUCY good diversifiers for each other?
Yes. With a correlation of -0.27, AXG and LUCY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AXG and LUCY?
As of 2026-08-27, the correlation of weekly returns between AXG and LUCY is -0.27 over 3 years, 0.06 over 1 year and n/a over 5 years.
Is LUCY a good diversifier for AXG?
Yes. With a correlation of -0.27, AXG and LUCY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
A reading of -0.27 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/axg-vs-lucy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/axg-vs-lucy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AXG correlations · LUCY correlations
