ALOY vs ICON: Correlation
How closely do REalloys Inc. (ALOY) and Icon Energy Corp. (ICON) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALOY and ICON?
Across a 3-year window, the weekly returns of ALOY and ICON correlate at -0.23, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.01) than the 3-year average (-0.23). Stretching to 5 years gives n/a, with an annualized covariance of -3468.4 %².
ICON is close to the least connected end of ALOY's tracked universe, ranking #10 of 11. Correlation aside, the last 12 months split them widely, with ALOY ahead by 191.1 points (+100.0% versus -91.1%).
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.
ALOY vs ICON: side by side
| ALOY (REalloys Inc.) | ICON (Icon Energy Corp.) | |
|---|---|---|
| 1-year return | +100.0% | -91.1% |
| 5-year return | -4.5% | n/a |
| Volatility (ann.) | 125.1% | 114.3% |
| Beta vs S&P 500 | 1.27 | 2.01 |
| Max drawdown (3Y) | -72.9% | -99.9% |
| Market cap | $0.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALOY | ICON |
|---|---|---|
| 2022 | -91.6% | – |
| 2023 | +135.0% | – |
| 2024 | -22.0% | – |
| 2025 | +268.0% | -99.2% |
| 2026 | +41.1% | -71.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALOY and ICON good diversifiers for each other?
Yes. With a correlation of -0.23, ALOY and ICON have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ALOY and ICON?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with 0.01 over the last year and n/a over 5 years.
Is ICON a good diversifier for ALOY?
Yes. With a correlation of -0.23, ALOY and ICON have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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/aloy-vs-icon.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/aloy-vs-icon/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ALOY correlations · ICON correlations
