APWC vs ICCM: Correlation
Asia Pacific Wire & Cable Corporation Limited (APWC) and IceCure Medical Ltd. (ICCM) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APWC and ICCM?
On 3 years of weekly data the APWC/ICCM correlation comes out at 0.37, moderate. The link has tightened recently: the 1-year correlation (0.63) runs above the 3-year figure (0.37). The 5-year figure is 0.33, and annualized covariance runs at 2115.0 %².
Among the 11 assets we track against APWC, ICCM ranks #4 by 3-year correlation. The last year tells two different stories: APWC led by 70.2 percentage points, -22.1% for APWC against -92.3% for ICCM. Note the risk asymmetry: ICCM runs 2.4 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.
APWC vs ICCM: side by side
| APWC (Asia Pacific Wire & Cable Corporation Limited) | ICCM (IceCure Medical Ltd.) | |
|---|---|---|
| 1-year return | -22.1% | -92.3% |
| 5-year return | -59.0% | -99.3% |
| Volatility (ann.) | 48.8% | 117.6% |
| Beta vs S&P 500 | 0.50 | 0.41 |
| Max drawdown (3Y) | -42.4% | -95.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | 5.0 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | APWC | ICCM |
|---|---|---|
| 2022 | -29.4% | -49.2% |
| 2023 | -13.2% | -31.0% |
| 2024 | +17.6% | +2.8% |
| 2025 | +26.5% | -44.5% |
| 2026 | -24.2% | -87.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APWC and ICCM good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between APWC and ICCM?
The APWC/ICCM correlation stands at 0.37 on a 3-year window (1 year: 0.63, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is ICCM a good diversifier for APWC?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/apwc-vs-iccm.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: APWC correlations · ICCM correlations
