LICN vs MSEX: Correlation
Measured on weekly returns over the past three years, Lichen International Limited - Class A (LICN) and Middlesex Water Company (MSEX) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LICN and MSEX?
Over the past 3 years, LICN and MSEX moved with a correlation of 0.52, which is moderate. Lately the two have drifted apart, with the 1-year correlation at -0.17 versus 0.52 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 139581.2 %².
Among the 85 assets we track against LICN, MSEX ranks #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MSEX ahead by 84.8 points (-74.7% versus +10.1%). Note the risk asymmetry: LICN runs 270.7 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 MSEX: side by side
| LICN (Lichen International Limited - Class A) | MSEX (Middlesex Water Company) | |
|---|---|---|
| 1-year return | -74.7% | +10.1% |
| 5-year return | n/a | -41.5% |
| Volatility (ann.) | 8528.0% | 31.5% |
| Beta vs S&P 500 | -80.22 | 0.04 |
| Max drawdown (3Y) | -98.4% | -40.2% |
| Market cap | – | $1.1B |
| P/E (trailing) | – | 22.6 |
| Dividend yield | 0.00% | 2.43% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LICN | MSEX |
|---|---|---|
| 2022 | – | -33.8% |
| 2023 | – | -15.2% |
| 2024 | -91.0% | -18.0% |
| 2025 | +1484.3% | -1.7% |
| 2026 | -56.7% | +17.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LICN and MSEX good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between LICN and MSEX?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with -0.17 over the last year and n/a over 5 years.
Is MSEX a good diversifier for LICN?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 mean?
A reading of 0.52 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-msex.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/licn-vs-msex/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LICN correlations · MSEX correlations
