LICN vs XLF: Correlation
Measured on weekly returns over the past three years, Lichen International Limited - Class A (LICN) and Financial Select Sector SPDR Fund (XLF) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LICN and XLF?
Across a 3-year window, the weekly returns of LICN and XLF correlate at -0.22, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.09 versus -0.22 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of -30775.4 %².
Within LICN's tracked universe of 85 assets, XLF comes in at #55 by 3-year correlation. The last year tells two different stories: XLF led by 84.0 percentage points, -74.7% for LICN against +9.3% for XLF. One caveat on sizing: LICN is 526.4 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 XLF: side by side
| LICN (Lichen International Limited - Class A) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -74.7% | +9.3% |
| 5-year return | n/a | +64.2% |
| Volatility (ann.) | 8528.0% | 16.2% |
| Beta vs S&P 500 | -80.22 | 0.84 |
| Max drawdown (3Y) | -98.4% | -15.5% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.42% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $57.9B |
| Sector / category | US Listed | Sector ETF |
XLF is a Financial fund from State Street Investment Management: $57.9B under management, 77 holdings, a 0.08% expense ratio, a 1.42% trailing dividend yield.
Year-by-year returns
| Year | LICN | XLF |
|---|---|---|
| 2022 | – | -10.6% |
| 2023 | – | +12.0% |
| 2024 | -91.0% | +30.6% |
| 2025 | +1484.3% | +14.9% |
| 2026 | -56.7% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LICN and XLF good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between LICN and XLF?
As of 2026-08-27, the correlation of weekly returns between LICN and XLF is -0.22 over 3 years, -0.09 over 1 year and n/a over 5 years.
Is XLF a good diversifier for LICN?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
A reading of -0.22 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-xlf.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/licn-vs-xlf/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LICN correlations · XLF correlations
