LICN vs SPY: Correlation
How closely do Lichen International Limited - Class A (LICN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of -0.14, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LICN and SPY?
Across a 3-year window, the weekly returns of LICN and SPY correlate at -0.14, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.11) runs above the 3-year figure (-0.14). Stretching to 5 years gives n/a, with an annualized covariance of -16758.4 %².
By 3-year correlation, SPY places #12 of the 85 assets tracked against LICN. The last year tells two different stories: SPY led by 95.3 percentage points, -74.7% for LICN against +20.6% for SPY. Note the risk asymmetry: LICN runs 588.1 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 SPY: side by side
| LICN (Lichen International Limited - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -74.7% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 8528.0% | 14.5% |
| Beta vs S&P 500 | -80.22 | 1.00 |
| Max drawdown (3Y) | -98.4% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | LICN | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | -91.0% | +24.9% |
| 2025 | +1484.3% | +17.7% |
| 2026 | -56.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LICN and SPY good diversifiers for each other?
Yes: at -0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between LICN and SPY?
The LICN/SPY correlation stands at -0.14 on a 3-year window (1 year: 0.11, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for LICN?
Yes: at -0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.14 mean?
A reading of -0.14 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-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/licn-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LICN correlations · SPY correlations
