LEDS vs SLND: Correlation
Measured on weekly returns over the past three years, SemiLEDS Corporation (LEDS) and Southland Holdings, Inc. (SLND) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LEDS and SLND?
Over the past 3 years, LEDS and SLND moved with a correlation of 0.38, which is moderate. The link has tightened recently: the 1-year correlation (0.58) runs above the 3-year figure (0.38). Over 5 years the correlation is 0.31, and the annualized covariance of weekly returns is 2730.8 %².
Within LEDS's tracked universe of 11 assets, SLND comes in at #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months LEDS outperformed by 85.0 percentage points (+1.0% for LEDS against -84.0% for SLND).
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.
LEDS vs SLND: side by side
| LEDS (SemiLEDS Corporation) | SLND (Southland Holdings, Inc.) | |
|---|---|---|
| 1-year return | +1.0% | -84.0% |
| 5-year return | -78.8% | -93.4% |
| Volatility (ann.) | 90.7% | 80.0% |
| Beta vs S&P 500 | 1.11 | 0.62 |
| Max drawdown (3Y) | -67.6% | -92.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LEDS | SLND |
|---|---|---|
| 2022 | -65.4% | +2.9% |
| 2023 | -13.1% | -49.5% |
| 2024 | -7.2% | -37.0% |
| 2025 | +16.3% | +2.2% |
| 2026 | +32.0% | -80.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LEDS and SLND good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between LEDS and SLND?
As of 2026-08-27, the correlation of weekly returns between LEDS and SLND is 0.38 over 3 years, 0.58 over 1 year and 0.31 over 5 years.
Is SLND a good diversifier for LEDS?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 mean?
A reading of 0.38 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: LEDS correlations · SLND correlations
