LICN vs SW: Correlation
Measured on weekly returns over the past three years, Lichen International Limited - Class A (LICN) and Smurfit Westrock (SW) carry a correlation of -0.16, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LICN and SW?
Over the past 3 years, LICN and SW moved with a correlation of -0.16, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.12 versus -0.16 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -53056.8 %².
By 3-year correlation, SW places #23 of the 85 assets tracked against LICN. Correlation aside, the last 12 months split them widely, with SW ahead by 84.4 points (-74.7% versus +9.7%). One caveat on sizing: LICN is 212.7 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 SW: side by side
| LICN (Lichen International Limited - Class A) | SW (Smurfit Westrock) | |
|---|---|---|
| 1-year return | -74.7% | +9.7% |
| 5-year return | n/a | +2.6% |
| Volatility (ann.) | 8528.0% | 40.1% |
| Beta vs S&P 500 | -80.22 | 0.92 |
| Max drawdown (3Y) | -98.4% | -40.5% |
| Market cap | – | $25.5B |
| P/E (trailing) | – | 51.7 |
| Dividend yield | 0.00% | 3.57% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | LICN | SW |
|---|---|---|
| 2022 | – | -28.0% |
| 2023 | – | +14.1% |
| 2024 | -91.0% | +37.6% |
| 2025 | +1484.3% | -26.2% |
| 2026 | -56.7% | +29.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LICN and SW good diversifiers for each other?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between LICN and SW?
Using weekly returns as of 2026-08-27: -0.16 over 3 years, with 0.12 over the last year and n/a over 5 years.
Is SW a good diversifier for LICN?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.16 mean?
On the −1 to +1 scale, -0.16 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-sw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/licn-vs-sw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LICN correlations · SW correlations
