KGS vs LICN: Correlation
Kodiak Gas Services, Inc. (KGS) and Lichen International Limited - Class A (LICN) show a negative 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 KGS and LICN?
Across a 3-year window, the weekly returns of KGS and LICN correlate at -0.34, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.05 versus -0.34 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of -107500.3 %².
Out of 12 assets tracked against KGS, LICN lands near the bottom at #12. Correlation aside, the last 12 months split them widely, with KGS ahead by 151.6 points (+76.9% versus -74.7%). One caveat on sizing: LICN is 229.9 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.
KGS vs LICN: side by side
| KGS (Kodiak Gas Services, Inc.) | LICN (Lichen International Limited - Class A) | |
|---|---|---|
| 1-year return | +76.9% | -74.7% |
| 5-year return | n/a | n/a |
| Volatility (ann.) | 37.1% | 8528.0% |
| Beta vs S&P 500 | 0.72 | -80.22 |
| Max drawdown (3Y) | -38.6% | -98.4% |
| Market cap | $6.1B | – |
| P/E (trailing) | 68.4 | – |
| Dividend yield | 3.24% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KGS | LICN |
|---|---|---|
| 2024 | +115.2% | -91.0% |
| 2025 | -3.7% | +1484.3% |
| 2026 | +64.8% | -56.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KGS and LICN good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between KGS and LICN?
As of 2026-08-27, the correlation of weekly returns between KGS and LICN is -0.34 over 3 years, -0.05 over 1 year and n/a over 5 years.
Is LICN a good diversifier for KGS?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
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/kgs-vs-licn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/kgs-vs-licn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: KGS correlations · LICN correlations
