LICN vs NGS: Correlation
How closely do Lichen International Limited - Class A (LICN) and Natural Gas Services Group, Inc. (NGS) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LICN and NGS?
On 3 years of weekly data the LICN/NGS correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.12 over 1 year against -0.21 over 3. The 5-year figure is n/a, and annualized covariance runs at -82029.1 %².
Among the 85 assets we track against LICN, NGS ranks #48 by 3-year correlation. The last year tells two different stories: NGS led by 112.6 percentage points, -74.7% for LICN against +37.9% for NGS. One caveat on sizing: LICN is 189.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 NGS: side by side
| LICN (Lichen International Limited - Class A) | NGS (Natural Gas Services Group, Inc.) | |
|---|---|---|
| 1-year return | -74.7% | +37.9% |
| 5-year return | n/a | +274.7% |
| Volatility (ann.) | 8528.0% | 45.0% |
| Beta vs S&P 500 | -80.22 | 0.87 |
| Max drawdown (3Y) | -98.4% | -40.9% |
| Market cap | – | $0.5B |
| P/E (trailing) | – | 21.7 |
| Dividend yield | 0.00% | 1.35% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LICN | NGS |
|---|---|---|
| 2022 | – | +9.5% |
| 2023 | – | +40.3% |
| 2024 | -91.0% | +66.7% |
| 2025 | +1484.3% | +26.5% |
| 2026 | -56.7% | +6.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LICN and NGS good diversifiers for each other?
Yes. With a correlation of -0.21, LICN and NGS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between LICN and NGS?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.12 over the last year and n/a over 5 years.
Is NGS a good diversifier for LICN?
Yes. With a correlation of -0.21, LICN and NGS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/licn-vs-ngs.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/licn-vs-ngs/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LICN correlations · NGS correlations
