DFNS vs LEDS: Correlation
How closely do T3 Defense Inc. (DFNS) and SemiLEDS Corporation (LEDS) trade together? Their weekly returns over three years give a correlation of -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DFNS and LEDS?
Over the past 3 years, DFNS and LEDS moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.26) sits close to the 3-year figure. Over 5 years the correlation is -0.17, and the annualized covariance of weekly returns is -112078.4 %².
Within DFNS's tracked universe of 44 assets, LEDS comes in at #18 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DFNS outperformed by 192.5 percentage points (+193.5% for DFNS against +1.0% for LEDS). Note the risk asymmetry: DFNS runs 67.7 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.
DFNS vs LEDS: side by side
| DFNS (T3 Defense Inc.) | LEDS (SemiLEDS Corporation) | |
|---|---|---|
| 1-year return | +193.5% | +1.0% |
| 5-year return | -77.9% | -78.8% |
| Volatility (ann.) | 6136.1% | 90.7% |
| Beta vs S&P 500 | -23.33 | 1.11 |
| Max drawdown (3Y) | -99.9% | -67.6% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DFNS | LEDS |
|---|---|---|
| 2022 | +5.0% | -65.4% |
| 2023 | -62.5% | -13.1% |
| 2024 | +59.9% | -7.2% |
| 2025 | -89.0% | +16.3% |
| 2026 | +215.4% | +32.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DFNS and LEDS good diversifiers for each other?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DFNS and LEDS?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with -0.26 over the last year and -0.17 over 5 years.
Is LEDS a good diversifier for DFNS?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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-leds.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dfns-vs-leds/)
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Related comparisons
Hubs: DFNS correlations · LEDS correlations
