LICN vs RNGR: Correlation
Lichen International Limited - Class A (LICN) and Ranger Energy Services, Inc. (RNGR) show a negative relationship: their 3-year correlation of weekly returns is -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LICN and RNGR?
Over the past 3 years, LICN and RNGR moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.05 versus -0.20 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -64375.4 %².
Within LICN's tracked universe of 85 assets, RNGR comes in at #45 by 3-year correlation. The last year tells two different stories: RNGR led by 93.7 percentage points, -74.7% for LICN against +19.0% for RNGR. One caveat on sizing: LICN is 229.9 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 RNGR: side by side
| LICN (Lichen International Limited - Class A) | RNGR (Ranger Energy Services, Inc.) | |
|---|---|---|
| 1-year return | -74.7% | +19.0% |
| 5-year return | n/a | +129.0% |
| Volatility (ann.) | 8528.0% | 37.1% |
| Beta vs S&P 500 | -80.22 | 0.49 |
| Max drawdown (3Y) | -98.4% | -40.5% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | 26.4 |
| Dividend yield | 0.00% | 1.52% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LICN | RNGR |
|---|---|---|
| 2022 | – | +7.2% |
| 2023 | – | -6.3% |
| 2024 | -91.0% | +53.9% |
| 2025 | +1484.3% | -7.9% |
| 2026 | -56.7% | +18.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LICN and RNGR good diversifiers for each other?
Yes. With a correlation of -0.20, LICN and RNGR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between LICN and RNGR?
The LICN/RNGR correlation stands at -0.20 on a 3-year window (1 year: 0.05, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is RNGR a good diversifier for LICN?
Yes. With a correlation of -0.20, LICN and RNGR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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-rngr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/licn-vs-rngr/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LICN correlations · RNGR correlations
