HNVR vs LICN: Correlation
Measured on weekly returns over the past three years, Hanover Bancorp, Inc. (HNVR) and Lichen International Limited - Class A (LICN) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HNVR and LICN?
Over the past 3 years, HNVR and LICN moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.09 versus -0.24 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -55018.5 %².
Among the 13 assets we track against HNVR, LICN sits near the bottom by co-movement, at rank #11. The last year tells two different stories: HNVR led by 97.7 percentage points, +23.0% for HNVR against -74.7% for LICN. Note the risk asymmetry: LICN runs 314.7 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.
HNVR vs LICN: side by side
| HNVR (Hanover Bancorp, Inc.) | LICN (Lichen International Limited - Class A) | |
|---|---|---|
| 1-year return | +23.0% | -74.7% |
| 5-year return | +40.1% | n/a |
| Volatility (ann.) | 27.1% | 8528.0% |
| Beta vs S&P 500 | 0.50 | -80.22 |
| Max drawdown (3Y) | -28.2% | -98.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 21.3 | – |
| Dividend yield | 1.48% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HNVR | LICN |
|---|---|---|
| 2023 | -11.6% | – |
| 2024 | +33.7% | -91.0% |
| 2025 | +2.0% | +1484.3% |
| 2026 | +18.5% | -56.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HNVR and LICN 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 HNVR and LICN?
The HNVR/LICN correlation stands at -0.24 on a 3-year window (1 year: -0.09, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is LICN a good diversifier for HNVR?
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?
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hnvr-vs-licn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hnvr-vs-licn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HNVR correlations · LICN correlations
