LICN vs MTUM: Correlation
Measured on weekly returns over the past three years, Lichen International Limited - Class A (LICN) and iShares MSCI USA Momentum Factor ETF (MTUM) carry a correlation of -0.19, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LICN and MTUM?
Across a 3-year window, the weekly returns of LICN and MTUM correlate at -0.19, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.17) than the 3-year average (-0.19). Stretching to 5 years gives n/a, with an annualized covariance of -34014.1 %².
Among the 85 assets we track against LICN, MTUM ranks #38 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MTUM outperformed by 99.9 percentage points (-74.7% for LICN against +25.2% for MTUM). Note the risk asymmetry: LICN runs 414.0 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 MTUM: side by side
| LICN (Lichen International Limited - Class A) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | -74.7% | +25.2% |
| 5-year return | n/a | +76.1% |
| Volatility (ann.) | 8528.0% | 20.6% |
| Beta vs S&P 500 | -80.22 | 1.25 |
| Max drawdown (3Y) | -98.4% | -21.0% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.62% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $25.3B |
| Sector / category | US Listed | ETF · US Style |
MTUM is a Large Blend fund from iShares: $25.3B under management, 126 holdings, a 0.15% expense ratio, a 0.62% trailing dividend yield.
Year-by-year returns
| Year | LICN | MTUM |
|---|---|---|
| 2022 | – | -18.3% |
| 2023 | – | +9.1% |
| 2024 | -91.0% | +32.9% |
| 2025 | +1484.3% | +22.1% |
| 2026 | -56.7% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LICN and MTUM good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between LICN and MTUM?
As of 2026-08-27, the correlation of weekly returns between LICN and MTUM is -0.19 over 3 years, 0.17 over 1 year and n/a over 5 years.
Is MTUM a good diversifier for LICN?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 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.
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Related comparisons
Hubs: LICN correlations · MTUM correlations
