BFRG vs ICMB: Correlation
Bullfrog AI Holdings, Inc. (BFRG) and Investcorp Credit Management BDC, Inc. (ICMB) show a negative relationship: their 3-year correlation of weekly returns is -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BFRG and ICMB?
Over the past 3 years, BFRG and ICMB moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.38) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -1755.2 %².
ICMB is close to the least connected end of BFRG's tracked universe, ranking #8 of 10. The trailing year gives BFRG the advantage: -55.1% versus -68.0%, a 12.9-point spread. One caveat on sizing: BFRG is 3.1 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.
BFRG vs ICMB: side by side
| BFRG (Bullfrog AI Holdings, Inc.) | ICMB (Investcorp Credit Management BDC, Inc.) | |
|---|---|---|
| 1-year return | -55.1% | -68.0% |
| 5-year return | n/a | -68.9% |
| Volatility (ann.) | 136.8% | 44.6% |
| Beta vs S&P 500 | 3.10 | 0.46 |
| Max drawdown (3Y) | -93.8% | -75.5% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 28.76% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BFRG | ICMB |
|---|---|---|
| 2022 | – | -19.0% |
| 2023 | – | +19.0% |
| 2024 | -38.7% | +0.7% |
| 2025 | -55.8% | +5.9% |
| 2026 | -36.0% | -68.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BFRG and ICMB good diversifiers for each other?
Yes. With a correlation of -0.29, BFRG and ICMB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BFRG and ICMB?
As of 2026-08-27, the correlation of weekly returns between BFRG and ICMB is -0.29 over 3 years, -0.38 over 1 year and n/a over 5 years.
Is ICMB a good diversifier for BFRG?
Yes. With a correlation of -0.29, BFRG and ICMB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 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/bfrg-vs-icmb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bfrg-vs-icmb/)
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Related comparisons
Hubs: BFRG correlations · ICMB correlations
