LICN vs NDAQ: Correlation
How closely do Lichen International Limited - Class A (LICN) and Nasdaq, Inc. (NDAQ) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LICN and NDAQ?
Across a 3-year window, the weekly returns of LICN and NDAQ correlate at -0.26, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.07) runs above the 3-year figure (-0.26). Stretching to 5 years gives n/a, with an annualized covariance of -50855.0 %².
By 3-year correlation, NDAQ places #72 of the 85 assets tracked against LICN. The last year tells two different stories: NDAQ led by 80.8 percentage points, -74.7% for LICN against +6.1% for NDAQ. Note the risk asymmetry: LICN runs 367.6 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 NDAQ: side by side
| LICN (Lichen International Limited - Class A) | NDAQ (Nasdaq, Inc.) | |
|---|---|---|
| 1-year return | -74.7% | +6.1% |
| 5-year return | n/a | +64.4% |
| Volatility (ann.) | 8528.0% | 23.2% |
| Beta vs S&P 500 | -80.22 | 0.80 |
| Max drawdown (3Y) | -98.4% | -23.4% |
| Market cap | – | $55.5B |
| P/E (trailing) | – | 29.0 |
| Dividend yield | 0.00% | 1.13% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | LICN | NDAQ |
|---|---|---|
| 2022 | – | -11.2% |
| 2023 | – | -3.7% |
| 2024 | -91.0% | +34.8% |
| 2025 | +1484.3% | +27.2% |
| 2026 | -56.7% | +3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LICN and NDAQ good diversifiers for each other?
Yes. With a correlation of -0.26, LICN and NDAQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between LICN and NDAQ?
As of 2026-08-27, the correlation of weekly returns between LICN and NDAQ is -0.26 over 3 years, 0.07 over 1 year and n/a over 5 years.
Is NDAQ a good diversifier for LICN?
Yes. With a correlation of -0.26, LICN and NDAQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/licn-vs-ndaq.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/licn-vs-ndaq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LICN correlations · NDAQ correlations
