LICN vs MDY: Correlation
How closely do Lichen International Limited - Class A (LICN) and SPDR S&P MidCap 400 ETF (MDY) trade together? Their weekly returns over three years give a correlation of -0.13, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LICN and MDY?
On 3 years of weekly data the LICN/MDY correlation comes out at -0.13, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.09) runs above the 3-year figure (-0.13). The 5-year figure is n/a, and annualized covariance runs at -18098.9 %².
Among the 85 assets we track against LICN, MDY ranks #11 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MDY outperformed by 93.0 percentage points (-74.7% for LICN against +18.3% for MDY). Risk is not evenly split, since LICN carries 516.8 times the volatility of the other side.
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.
LICN vs MDY: side by side
| LICN (Lichen International Limited - Class A) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -74.7% | +18.3% |
| 5-year return | n/a | +47.5% |
| Volatility (ann.) | 8528.0% | 16.5% |
| Beta vs S&P 500 | -80.22 | 0.91 |
| Max drawdown (3Y) | -98.4% | -24.0% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.02% |
| Expense ratio | – | 0.23% |
| Assets under management | – | $26.5B |
| Sector / category | US Listed | ETF · US Small & Mid Cap |
MDY, State Street Investment Management's Mid-Cap Blend fund, carries $26.5B under management, 400 holdings, a 0.23% expense ratio, a 1.02% trailing dividend yield.
Year-by-year returns
| Year | LICN | MDY |
|---|---|---|
| 2022 | – | -13.3% |
| 2023 | – | +16.1% |
| 2024 | -91.0% | +13.6% |
| 2025 | +1484.3% | +7.2% |
| 2026 | -56.7% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LICN and MDY good diversifiers for each other?
By historical standards, yes. A correlation of -0.13 means the two rarely move for the same reasons.
FAQ
What is the correlation between LICN and MDY?
Using weekly returns as of 2026-08-27: -0.13 over 3 years, with 0.09 over the last year and n/a over 5 years.
Is MDY a good diversifier for LICN?
By historical standards, yes. A correlation of -0.13 means the two rarely move for the same reasons.
What does a correlation of -0.13 mean?
A reading of -0.13 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
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Related comparisons
Hubs: LICN correlations · MDY correlations
