LICN vs SPGI: Correlation
Lichen International Limited - Class A (LICN) and S&P Global (SPGI) show a negative relationship: their 3-year correlation of weekly returns is -0.16.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LICN and SPGI?
Over the past 3 years, LICN and SPGI moved with a correlation of -0.16, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.02) than the 3-year average (-0.16). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -34782.8 %².
Within LICN's tracked universe of 85 assets, SPGI comes in at #22 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPGI outperformed by 59.1 percentage points (-74.7% for LICN against -15.6% for SPGI). One caveat on sizing: LICN is 345.3 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 SPGI: side by side
| LICN (Lichen International Limited - Class A) | SPGI (S&P Global) | |
|---|---|---|
| 1-year return | -74.7% | -15.6% |
| 5-year return | n/a | +8.1% |
| Volatility (ann.) | 8528.0% | 24.7% |
| Beta vs S&P 500 | -80.22 | 0.86 |
| Max drawdown (3Y) | -98.4% | -30.5% |
| Market cap | – | $128.4B |
| P/E (trailing) | – | 26.6 |
| Dividend yield | 0.00% | 0.88% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | LICN | SPGI |
|---|---|---|
| 2022 | – | -28.4% |
| 2023 | – | +32.8% |
| 2024 | -91.0% | +13.9% |
| 2025 | +1484.3% | +5.7% |
| 2026 | -56.7% | -11.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LICN and SPGI good diversifiers for each other?
Yes. With a correlation of -0.16, LICN and SPGI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between LICN and SPGI?
Using weekly returns as of 2026-08-27: -0.16 over 3 years, with 0.02 over the last year and n/a over 5 years.
Is SPGI a good diversifier for LICN?
Yes. With a correlation of -0.16, LICN and SPGI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.16 mean?
A reading of -0.16 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-spgi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/licn-vs-spgi/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LICN correlations · SPGI correlations
