FLD vs LICN: Correlation
Fold Holdings, Inc. (FLD) and Lichen International Limited - Class A (LICN) show a moderate relationship: their 3-year correlation of weekly returns is 0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLD and LICN?
On 3 years of weekly data the FLD/LICN correlation comes out at 0.34, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.16 versus 0.34 over 3 years. The 5-year figure is n/a, and annualized covariance runs at 225721.3 %².
In FLD's tracked universe of 13 assets, LICN sits right near the top at #2. Over the last 12 months LICN came out ahead by 8.9 percentage points (-83.6% against -74.7%). One caveat on sizing: LICN is 108.2 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.
FLD vs LICN: side by side
| FLD (Fold Holdings, Inc.) | LICN (Lichen International Limited - Class A) | |
|---|---|---|
| 1-year return | -83.6% | -74.7% |
| 5-year return | -93.7% | n/a |
| Volatility (ann.) | 78.8% | 8528.0% |
| Beta vs S&P 500 | 0.49 | -80.22 |
| Max drawdown (3Y) | -96.7% | -98.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FLD | LICN |
|---|---|---|
| 2023 | +5.3% | – |
| 2024 | +5.2% | -91.0% |
| 2025 | -76.5% | +1484.3% |
| 2026 | -76.6% | -56.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLD and LICN good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FLD and LICN?
Using weekly returns as of 2026-08-27: 0.34 over 3 years, with 0.16 over the last year and n/a over 5 years.
Is LICN a good diversifier for FLD?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 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/fld-vs-licn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fld-vs-licn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FLD correlations · LICN correlations
