IRM vs LICN: Correlation
Iron Mountain (IRM) and Lichen International Limited - Class A (LICN) show a negative relationship: their 3-year correlation of weekly returns is -0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IRM and LICN?
Over the past 3 years, IRM and LICN moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.04) than the 3-year average (-0.19). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -49032.0 %².
By 3-year correlation, LICN places #26 of the 31 assets tracked against IRM. Correlation aside, the last 12 months split them widely, with IRM ahead by 112.8 points (+38.1% versus -74.7%). Note the risk asymmetry: LICN runs 276.9 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.
IRM vs LICN: side by side
| IRM (Iron Mountain) | LICN (Lichen International Limited - Class A) | |
|---|---|---|
| 1-year return | +38.1% | -74.7% |
| 5-year return | +219.3% | n/a |
| Volatility (ann.) | 30.8% | 8528.0% |
| Beta vs S&P 500 | 0.96 | -80.22 |
| Max drawdown (3Y) | -39.0% | -98.4% |
| Market cap | $36.5B | – |
| P/E (trailing) | 86.4 | – |
| Dividend yield | 2.78% | 0.00% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | IRM | LICN |
|---|---|---|
| 2022 | -0.1% | – |
| 2023 | +46.5% | – |
| 2024 | +54.5% | -91.0% |
| 2025 | -18.2% | +1484.3% |
| 2026 | +50.1% | -56.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IRM and LICN good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between IRM and LICN?
The IRM/LICN correlation stands at -0.19 on a 3-year window (1 year: -0.04, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is LICN a good diversifier for IRM?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 mean?
A reading of -0.19 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/irm-vs-licn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/irm-vs-licn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IRM correlations · LICN correlations
