BG vs ICCM: Correlation
Measured on weekly returns over the past three years, Bunge Global (BG) and IceCure Medical Ltd. (ICCM) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BG and ICCM?
Across a 3-year window, the weekly returns of BG and ICCM correlate at -0.28, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.37) sits close to the 3-year figure. Stretching to 5 years gives -0.19, with an annualized covariance of -993.9 %².
ICCM is close to the least connected end of BG's tracked universe, ranking #37 of 37. Correlation aside, the last 12 months split them widely, with BG ahead by 127.5 points (+35.2% versus -92.3%). Risk is not evenly split, since ICCM carries 3.8 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.
BG vs ICCM: side by side
| BG (Bunge Global) | ICCM (IceCure Medical Ltd.) | |
|---|---|---|
| 1-year return | +35.2% | -92.3% |
| 5-year return | +68.5% | -99.3% |
| Volatility (ann.) | 30.7% | 117.6% |
| Beta vs S&P 500 | 0.09 | 0.41 |
| Max drawdown (3Y) | -38.8% | -95.4% |
| Market cap | $21.4B | – |
| P/E (trailing) | 24.4 | – |
| Dividend yield | 2.51% | 0.00% |
| Sector / category | Consumer Staples | US Listed |
Year-by-year returns
| Year | BG | ICCM |
|---|---|---|
| 2022 | +9.3% | -49.2% |
| 2023 | +3.8% | -31.0% |
| 2024 | -20.7% | +2.8% |
| 2025 | +18.6% | -44.5% |
| 2026 | +27.5% | -87.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BG and ICCM good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BG and ICCM?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.37 over the last year and -0.19 over 5 years.
Is ICCM a good diversifier for BG?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 mean?
A reading of -0.28 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/bg-vs-iccm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bg-vs-iccm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BG correlations · ICCM correlations
