BTOG vs LICN: Correlation
Bit Origin Limited - Class A (BTOG) and Lichen International Limited - Class A (LICN) show a strong relationship: their 3-year correlation of weekly returns is 0.61.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTOG and LICN?
Over the past 3 years, BTOG and LICN moved with a correlation of 0.61, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.09 versus 0.61 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 1193373.4 %².
LICN is one of the assets that tracks BTOG most closely: it ranks #1 out of the 12 assets we track against BTOG. Their recent paths diverged sharply: over the last 12 months LICN outperformed by 22.5 percentage points (-97.2% for BTOG against -74.7% for LICN). Note the risk asymmetry: LICN runs 37.1 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.
BTOG vs LICN: side by side
| BTOG (Bit Origin Limited - Class A) | LICN (Lichen International Limited - Class A) | |
|---|---|---|
| 1-year return | -97.2% | -74.7% |
| 5-year return | -100.0% | n/a |
| Volatility (ann.) | 229.6% | 8528.0% |
| Beta vs S&P 500 | 1.61 | -80.22 |
| Max drawdown (3Y) | -99.9% | -98.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTOG | LICN |
|---|---|---|
| 2022 | -87.2% | – |
| 2023 | -21.4% | – |
| 2024 | -76.4% | -91.0% |
| 2025 | -82.4% | +1484.3% |
| 2026 | -93.1% | -56.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTOG and LICN good diversifiers for each other?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BTOG and LICN?
As of 2026-08-27, the correlation of weekly returns between BTOG and LICN is 0.61 over 3 years, 0.09 over 1 year and n/a over 5 years.
Is LICN a good diversifier for BTOG?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.61 mean?
A reading of 0.61 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/btog-vs-licn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/btog-vs-licn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BTOG correlations · LICN correlations
