CPAY vs LICN: Correlation
Measured on weekly returns over the past three years, Corpay (CPAY) and Lichen International Limited - Class A (LICN) carry a correlation of -0.16, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPAY and LICN?
Across a 3-year window, the weekly returns of CPAY and LICN correlate at -0.16, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.19 versus -0.16 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of -42950.9 %².
Within CPAY's tracked universe of 32 assets, LICN comes in at #26 by 3-year correlation. The last year tells two different stories: CPAY led by 98.8 percentage points, +24.1% for CPAY against -74.7% for LICN. Risk is not evenly split, since LICN carries 269.0 times the volatility of the other side.
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.
CPAY vs LICN: side by side
| CPAY (Corpay) | LICN (Lichen International Limited - Class A) | |
|---|---|---|
| 1-year return | +24.1% | -74.7% |
| 5-year return | +55.2% | n/a |
| Volatility (ann.) | 31.7% | 8528.0% |
| Beta vs S&P 500 | 1.22 | -80.22 |
| Max drawdown (3Y) | -34.5% | -98.4% |
| Market cap | $26.5B | – |
| P/E (trailing) | 24.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | CPAY | LICN |
|---|---|---|
| 2022 | -17.9% | – |
| 2023 | +53.9% | – |
| 2024 | +19.7% | -91.0% |
| 2025 | -11.1% | +1484.3% |
| 2026 | +34.1% | -56.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPAY and LICN good diversifiers for each other?
By historical standards, yes. A correlation of -0.16 means the two rarely move for the same reasons.
FAQ
What is the correlation between CPAY and LICN?
The CPAY/LICN correlation stands at -0.16 on a 3-year window (1 year: 0.19, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is LICN a good diversifier for CPAY?
By historical standards, yes. A correlation of -0.16 means the two rarely move for the same reasons.
What does a correlation of -0.16 mean?
A reading of -0.16 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/cpay-vs-licn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cpay-vs-licn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CPAY correlations · LICN correlations
