BRLS vs ICE: Correlation
How closely do Borealis Foods Inc. - Class A (BRLS) and Intercontinental Exchange (ICE) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BRLS and ICE?
Over the past 3 years, BRLS and ICE moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.31 lands near the 3-year figure. Over 5 years the correlation is -0.15, and the annualized covariance of weekly returns is -702.3 %².
Within BRLS's tracked universe of 21 assets, ICE comes in at #15 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ICE outperformed by 53.8 percentage points (-61.7% for BRLS against -7.9% for ICE). Risk is not evenly split, since BRLS carries 7.5 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.
BRLS vs ICE: side by side
| BRLS (Borealis Foods Inc. - Class A) | ICE (Intercontinental Exchange) | |
|---|---|---|
| 1-year return | -61.7% | -7.9% |
| 5-year return | -88.7% | +44.2% |
| Volatility (ann.) | 160.0% | 21.2% |
| Beta vs S&P 500 | -0.09 | 0.62 |
| Max drawdown (3Y) | -94.8% | -33.9% |
| Market cap | – | $90.5B |
| P/E (trailing) | – | 22.7 |
| Dividend yield | 0.00% | 1.24% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | BRLS | ICE |
|---|---|---|
| 2022 | +4.6% | -23.9% |
| 2023 | +9.5% | +27.1% |
| 2024 | -47.3% | +17.5% |
| 2025 | -66.5% | +9.9% |
| 2026 | -44.5% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BRLS and ICE good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BRLS and ICE?
The BRLS/ICE correlation stands at -0.21 on a 3-year window (1 year: -0.31, 5 years: -0.15), computed from weekly returns as of 2026-08-27.
Is ICE a good diversifier for BRLS?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 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/brls-vs-ice.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/brls-vs-ice/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BRLS correlations · ICE correlations
