DFNS vs LESL: Correlation
T3 Defense Inc. (DFNS) and Leslie's, Inc. (LESL) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DFNS and LESL?
Across a 3-year window, the weekly returns of DFNS and LESL correlate at -0.24, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.29 lands near the 3-year figure. Stretching to 5 years gives -0.23, with an annualized covariance of -184670.9 %².
By 3-year correlation, LESL places #27 of the 44 assets tracked against DFNS. Their recent paths diverged sharply: over the last 12 months DFNS outperformed by 285.9 percentage points (+193.5% for DFNS against -92.4% for LESL). Note the risk asymmetry: DFNS runs 48.8 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 LESL: side by side
| DFNS (T3 Defense Inc.) | LESL (Leslie's, Inc.) | |
|---|---|---|
| 1-year return | +193.5% | -92.4% |
| 5-year return | -77.9% | -99.9% |
| Volatility (ann.) | 6136.1% | 125.8% |
| Beta vs S&P 500 | -23.33 | 1.83 |
| Max drawdown (3Y) | -99.9% | -99.7% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DFNS | LESL |
|---|---|---|
| 2022 | +5.0% | -48.4% |
| 2023 | -62.5% | -43.4% |
| 2024 | +59.9% | -67.7% |
| 2025 | -89.0% | -96.3% |
| 2026 | +215.4% | -67.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DFNS and LESL good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between DFNS and LESL?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.29 over the last year and -0.23 over 5 years.
Is LESL a good diversifier for DFNS?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
A reading of -0.24 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: DFNS correlations · LESL correlations
