DFNS vs LBRT: Correlation
Measured on weekly returns over the past three years, T3 Defense Inc. (DFNS) and Liberty Energy Inc. (LBRT) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DFNS and LBRT?
Over the past 3 years, DFNS and LBRT moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.44 versus -0.28 over 3 years. Over 5 years the correlation is -0.22, and the annualized covariance of weekly returns is -97631.0 %².
Within DFNS's tracked universe of 44 assets, LBRT comes in at #35 by 3-year correlation. Correlation aside, the last 12 months split them widely, with DFNS ahead by 119.6 points (+193.5% versus +73.9%). One caveat on sizing: DFNS is 109.8 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 LBRT: side by side
| DFNS (T3 Defense Inc.) | LBRT (Liberty Energy Inc.) | |
|---|---|---|
| 1-year return | +193.5% | +73.9% |
| 5-year return | -77.9% | +101.9% |
| Volatility (ann.) | 6136.1% | 55.9% |
| Beta vs S&P 500 | -23.33 | 0.91 |
| Max drawdown (3Y) | -99.9% | -58.8% |
| Market cap | – | $3.1B |
| P/E (trailing) | – | 25.0 |
| Dividend yield | 0.00% | 1.89% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DFNS | LBRT |
|---|---|---|
| 2022 | +5.0% | +65.6% |
| 2023 | -62.5% | +14.8% |
| 2024 | +59.9% | +11.2% |
| 2025 | -89.0% | -4.9% |
| 2026 | +215.4% | +5.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DFNS and LBRT good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DFNS and LBRT?
As of 2026-08-27, the correlation of weekly returns between DFNS and LBRT is -0.28 over 3 years, -0.44 over 1 year and -0.22 over 5 years.
Is LBRT a good diversifier for DFNS?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dfns-vs-lbrt.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dfns-vs-lbrt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DFNS correlations · LBRT correlations
