DFNS vs FCFS: Correlation
Measured on weekly returns over the past three years, T3 Defense Inc. (DFNS) and FirstCash Holdings, Inc. (FCFS) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DFNS and FCFS?
Over the past 3 years, DFNS and FCFS moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.39 versus -0.25 over 3 years. Over 5 years the correlation is -0.16, and the annualized covariance of weekly returns is -35030.2 %².
By 3-year correlation, FCFS places #30 of the 44 assets tracked against DFNS. Their recent paths diverged sharply: over the last 12 months DFNS outperformed by 141.4 percentage points (+193.5% for DFNS against +52.1% for FCFS). One caveat on sizing: DFNS is 263.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
DFNS vs FCFS: side by side
| DFNS (T3 Defense Inc.) | FCFS (FirstCash Holdings, Inc.) | |
|---|---|---|
| 1-year return | +193.5% | +52.1% |
| 5-year return | -77.9% | +180.4% |
| Volatility (ann.) | 6136.1% | 23.3% |
| Beta vs S&P 500 | -23.33 | 0.08 |
| Max drawdown (3Y) | -99.9% | -23.4% |
| Market cap | – | $9.7B |
| P/E (trailing) | – | 25.0 |
| Dividend yield | 0.00% | 0.76% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DFNS | FCFS |
|---|---|---|
| 2022 | +5.0% | +18.0% |
| 2023 | -62.5% | +26.5% |
| 2024 | +59.9% | -3.2% |
| 2025 | -89.0% | +55.7% |
| 2026 | +215.4% | +41.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DFNS and FCFS good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DFNS and FCFS?
The DFNS/FCFS correlation stands at -0.25 on a 3-year window (1 year: -0.39, 5 years: -0.16), computed from weekly returns as of 2026-08-27.
Is FCFS a good diversifier for DFNS?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dfns-vs-fcfs.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dfns-vs-fcfs/)
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Related comparisons
Hubs: DFNS correlations · FCFS correlations
