BANL vs DFNS: Correlation
CBL International Limited - Class B (BANL) and T3 Defense Inc. (DFNS) show a very strong relationship: their 3-year correlation of weekly returns is 0.94.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BANL and DFNS?
On 3 years of weekly data the BANL/DFNS correlation comes out at 0.94, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.98) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 4444392.9 %².
Few assets follow BANL as closely as DFNS, which ranks #3 of 10 tracked partners. The last year tells two different stories: BANL led by 1797.0 percentage points, +1990.5% for BANL against +193.5% for DFNS. Note the risk asymmetry: DFNS runs 8.0 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.
BANL vs DFNS: side by side
| BANL (CBL International Limited - Class B) | DFNS (T3 Defense Inc.) | |
|---|---|---|
| 1-year return | +1990.5% | +193.5% |
| 5-year return | n/a | -77.9% |
| Volatility (ann.) | 767.2% | 6136.1% |
| Beta vs S&P 500 | -1.45 | -23.33 |
| Max drawdown (3Y) | -85.8% | -99.9% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BANL | DFNS |
|---|---|---|
| 2022 | – | +5.0% |
| 2023 | – | -62.5% |
| 2024 | -31.3% | +59.9% |
| 2025 | -55.9% | -89.0% |
| 2026 | +2911.2% | +215.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BANL and DFNS good diversifiers for each other?
Not really. At 0.94, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between BANL and DFNS?
The BANL/DFNS correlation stands at 0.94 on a 3-year window (1 year: 0.98, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is DFNS a good diversifier for BANL?
Not really. At 0.94, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.94 mean?
On the −1 to +1 scale, 0.94 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: BANL correlations · DFNS correlations
