LICN vs MLR: Correlation
How closely do Lichen International Limited - Class A (LICN) and Miller Industries, Inc. (MLR) trade together? Their weekly returns over three years give a correlation of -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LICN and MLR?
On 3 years of weekly data the LICN/MLR correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.06 versus -0.32 over 3 years. The 5-year figure is n/a, and annualized covariance runs at -87798.1 %².
Out of 85 assets tracked against LICN, MLR lands near the bottom at #81. The last year tells two different stories: MLR led by 108.1 percentage points, -74.7% for LICN against +33.4% for MLR. Note the risk asymmetry: LICN runs 267.3 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.
LICN vs MLR: side by side
| LICN (Lichen International Limited - Class A) | MLR (Miller Industries, Inc.) | |
|---|---|---|
| 1-year return | -74.7% | +33.4% |
| 5-year return | n/a | +70.2% |
| Volatility (ann.) | 8528.0% | 31.9% |
| Beta vs S&P 500 | -80.22 | 0.88 |
| Max drawdown (3Y) | -98.4% | -52.7% |
| Market cap | – | $0.7B |
| P/E (trailing) | – | 46.3 |
| Dividend yield | 0.00% | 1.43% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LICN | MLR |
|---|---|---|
| 2022 | – | -17.9% |
| 2023 | – | +61.8% |
| 2024 | -91.0% | +56.6% |
| 2025 | +1484.3% | -41.7% |
| 2026 | -56.7% | +56.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LICN and MLR good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between LICN and MLR?
The LICN/MLR correlation stands at -0.32 on a 3-year window (1 year: -0.06, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is MLR a good diversifier for LICN?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 mean?
A reading of -0.32 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/licn-vs-mlr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/licn-vs-mlr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: LICN correlations · MLR correlations
