ARCB vs ICCM: Correlation
Measured on weekly returns over the past three years, ArcBest Corporation (ARCB) and IceCure Medical Ltd. (ICCM) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARCB and ICCM?
Over the past 3 years, ARCB and ICCM moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.41) than the 3-year average (-0.23). Over 5 years the correlation is -0.12, and the annualized covariance of weekly returns is -1259.8 %².
Among the 18 assets we track against ARCB, ICCM sits near the bottom by co-movement, at rank #16. The last year tells two different stories: ARCB led by 182.5 percentage points, +90.2% for ARCB against -92.3% for ICCM. Risk is not evenly split, since ICCM carries 2.5 times the volatility of the other side.
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.
ARCB vs ICCM: side by side
| ARCB (ArcBest Corporation) | ICCM (IceCure Medical Ltd.) | |
|---|---|---|
| 1-year return | +90.2% | -92.3% |
| 5-year return | +107.2% | -99.3% |
| Volatility (ann.) | 46.8% | 117.6% |
| Beta vs S&P 500 | 1.33 | 0.41 |
| Max drawdown (3Y) | -62.4% | -95.4% |
| Market cap | $3.1B | – |
| P/E (trailing) | 198.7 | – |
| Dividend yield | 0.35% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARCB | ICCM |
|---|---|---|
| 2022 | -41.2% | -49.2% |
| 2023 | +72.4% | -31.0% |
| 2024 | -22.1% | +2.8% |
| 2025 | -20.0% | -44.5% |
| 2026 | +88.1% | -87.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARCB and ICCM good diversifiers for each other?
Yes. With a correlation of -0.23, ARCB and ICCM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ARCB and ICCM?
The ARCB/ICCM correlation stands at -0.23 on a 3-year window (1 year: -0.41, 5 years: -0.12), computed from weekly returns as of 2026-08-27.
Is ICCM a good diversifier for ARCB?
Yes. With a correlation of -0.23, ARCB and ICCM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 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/arcb-vs-iccm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/arcb-vs-iccm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ARCB correlations · ICCM correlations
