CBOE vs ICCM: Correlation
Cboe Global Markets (CBOE) and IceCure Medical Ltd. (ICCM) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBOE and ICCM?
Over the past 3 years, CBOE and ICCM moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.37 versus -0.26 over 3 years. Over 5 years the correlation is -0.15, and the annualized covariance of weekly returns is -782.5 %².
By 3-year correlation, ICCM places #32 of the 39 assets tracked against CBOE. Correlation aside, the last 12 months split them widely, with CBOE ahead by 124.8 points (+32.5% versus -92.3%). Note the risk asymmetry: ICCM runs 4.5 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.
CBOE vs ICCM: side by side
| CBOE (Cboe Global Markets) | ICCM (IceCure Medical Ltd.) | |
|---|---|---|
| 1-year return | +32.5% | -92.3% |
| 5-year return | +168.0% | -99.3% |
| Volatility (ann.) | 26.1% | 117.6% |
| Beta vs S&P 500 | 0.09 | 0.41 |
| Max drawdown (3Y) | -36.7% | -95.4% |
| Market cap | $32.8B | – |
| P/E (trailing) | 24.5 | – |
| Dividend yield | 0.92% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | CBOE | ICCM |
|---|---|---|
| 2022 | -2.2% | -49.2% |
| 2023 | +44.4% | -31.0% |
| 2024 | +10.7% | +2.8% |
| 2025 | +29.2% | -44.5% |
| 2026 | +25.7% | -87.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBOE and ICCM good diversifiers for each other?
Yes. With a correlation of -0.26, CBOE and ICCM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CBOE and ICCM?
The CBOE/ICCM correlation stands at -0.26 on a 3-year window (1 year: -0.37, 5 years: -0.15), computed from weekly returns as of 2026-08-27.
Is ICCM a good diversifier for CBOE?
Yes. With a correlation of -0.26, CBOE and ICCM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
A reading of -0.26 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/cboe-vs-iccm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cboe-vs-iccm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CBOE correlations · ICCM correlations
