BWLP vs ICCM: Correlation
BW LPG Limited (BWLP) and IceCure Medical Ltd. (ICCM) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWLP and ICCM?
On 3 years of weekly data the BWLP/ICCM correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.49 versus -0.30 over 3 years. The 5-year figure is -0.17, and annualized covariance runs at -1737.3 %².
Among the 12 assets we track against BWLP, ICCM sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months BWLP outperformed by 164.7 percentage points (+72.4% for BWLP 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.
BWLP vs ICCM: side by side
| BWLP (BW LPG Limited) | ICCM (IceCure Medical Ltd.) | |
|---|---|---|
| 1-year return | +72.4% | -92.3% |
| 5-year return | +841.4% | -99.3% |
| Volatility (ann.) | 48.8% | 117.6% |
| Beta vs S&P 500 | 0.74 | 0.41 |
| Max drawdown (3Y) | -54.3% | -95.4% |
| Market cap | $3.7B | – |
| P/E (trailing) | 9.9 | – |
| Dividend yield | 7.90% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BWLP | ICCM |
|---|---|---|
| 2022 | +60.4% | -49.2% |
| 2023 | +157.7% | -31.0% |
| 2024 | -7.2% | +2.8% |
| 2025 | +22.9% | -44.5% |
| 2026 | +99.6% | -87.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWLP and ICCM good diversifiers for each other?
Yes. With a correlation of -0.30, BWLP and ICCM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BWLP and ICCM?
As of 2026-08-27, the correlation of weekly returns between BWLP and ICCM is -0.30 over 3 years, -0.49 over 1 year and -0.17 over 5 years.
Is ICCM a good diversifier for BWLP?
Yes. With a correlation of -0.30, BWLP and ICCM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: BWLP correlations · ICCM correlations
