LICN vs WHF: Correlation
Lichen International Limited - Class A (LICN) and WhiteHorse Finance, Inc. - Closed End Fund (WHF) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LICN and WHF?
Over the past 3 years, LICN and WHF moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.12) than the 3-year average (-0.28). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -54372.2 %².
By 3-year correlation, WHF places #77 of the 85 assets tracked against LICN. The last year tells two different stories: WHF led by 72.2 percentage points, -74.7% for LICN against -2.5% for WHF. Note the risk asymmetry: LICN runs 377.3 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 WHF: side by side
| LICN (Lichen International Limited - Class A) | WHF (WhiteHorse Finance, Inc. - Closed End Fund) | |
|---|---|---|
| 1-year return | -74.7% | -2.5% |
| 5-year return | n/a | -11.5% |
| Volatility (ann.) | 8528.0% | 22.6% |
| Beta vs S&P 500 | -80.22 | 0.25 |
| Max drawdown (3Y) | -98.4% | -37.9% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | 9.1 |
| Dividend yield | 0.00% | 16.12% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LICN | WHF |
|---|---|---|
| 2022 | – | -6.2% |
| 2023 | – | +6.3% |
| 2024 | -91.0% | -8.5% |
| 2025 | +1484.3% | -15.4% |
| 2026 | -56.7% | +10.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LICN and WHF good diversifiers for each other?
Yes. With a correlation of -0.28, LICN and WHF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between LICN and WHF?
As of 2026-08-27, the correlation of weekly returns between LICN and WHF is -0.28 over 3 years, 0.12 over 1 year and n/a over 5 years.
Is WHF a good diversifier for LICN?
Yes. With a correlation of -0.28, LICN and WHF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 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.
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Related comparisons
Hubs: LICN correlations · WHF correlations
