CASY vs ICCM: Correlation
How closely do Casey's (CASY) and IceCure Medical Ltd. (ICCM) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CASY and ICCM?
On 3 years of weekly data the CASY/ICCM correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.38 versus -0.24 over 3 years. The 5-year figure is -0.17, and annualized covariance runs at -807.1 %².
Among the 30 assets we track against CASY, ICCM sits near the bottom by co-movement, at rank #28. Their recent paths diverged sharply: over the last 12 months CASY outperformed by 146.0 percentage points (+53.7% for CASY against -92.3% for ICCM). Note the risk asymmetry: ICCM runs 4.1 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.
CASY vs ICCM: side by side
| CASY (Casey's) | ICCM (IceCure Medical Ltd.) | |
|---|---|---|
| 1-year return | +53.7% | -92.3% |
| 5-year return | +284.3% | -99.3% |
| Volatility (ann.) | 28.9% | 117.6% |
| Beta vs S&P 500 | 0.39 | 0.41 |
| Max drawdown (3Y) | -16.6% | -95.4% |
| Market cap | $28.2B | – |
| P/E (trailing) | 42.2 | – |
| Dividend yield | 0.28% | 0.00% |
| Sector / category | Consumer Staples | US Listed |
Year-by-year returns
| Year | CASY | ICCM |
|---|---|---|
| 2022 | +14.5% | -49.2% |
| 2023 | +23.3% | -31.0% |
| 2024 | +45.0% | +2.8% |
| 2025 | +40.1% | -44.5% |
| 2026 | +38.4% | -87.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CASY and ICCM good diversifiers for each other?
Yes. With a correlation of -0.24, CASY and ICCM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CASY and ICCM?
The CASY/ICCM correlation stands at -0.24 on a 3-year window (1 year: -0.38, 5 years: -0.17), computed from weekly returns as of 2026-08-27.
Is ICCM a good diversifier for CASY?
Yes. With a correlation of -0.24, CASY and ICCM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 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.
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Related comparisons
Hubs: CASY correlations · ICCM correlations
