DFNS vs SLND: Correlation
Measured on weekly returns over the past three years, T3 Defense Inc. (DFNS) and Southland Holdings, Inc. (SLND) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DFNS and SLND?
Over the past 3 years, DFNS and SLND moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.37 over 1 year against -0.31 over 3. Over 5 years the correlation is -0.29, and the annualized covariance of weekly returns is -150577.7 %².
By 3-year correlation, SLND places #39 of the 44 assets tracked against DFNS. The last year tells two different stories: DFNS led by 277.5 percentage points, +193.5% for DFNS against -84.0% for SLND. One caveat on sizing: DFNS is 76.7 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 SLND: side by side
| DFNS (T3 Defense Inc.) | SLND (Southland Holdings, Inc.) | |
|---|---|---|
| 1-year return | +193.5% | -84.0% |
| 5-year return | -77.9% | -93.4% |
| Volatility (ann.) | 6136.1% | 80.0% |
| Beta vs S&P 500 | -23.33 | 0.62 |
| Max drawdown (3Y) | -99.9% | -92.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DFNS | SLND |
|---|---|---|
| 2022 | +5.0% | +2.9% |
| 2023 | -62.5% | -49.5% |
| 2024 | +59.9% | -37.0% |
| 2025 | -89.0% | +2.2% |
| 2026 | +215.4% | -80.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DFNS and SLND good diversifiers for each other?
Yes. With a correlation of -0.31, DFNS and SLND have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DFNS and SLND?
As of 2026-08-27, the correlation of weekly returns between DFNS and SLND is -0.31 over 3 years, -0.37 over 1 year and -0.29 over 5 years.
Is SLND a good diversifier for DFNS?
Yes. With a correlation of -0.31, DFNS and SLND have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 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.
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Related comparisons
Hubs: DFNS correlations · SLND correlations
