CION vs ICMB: Correlation
CION Investment Corporation (CION) and Investcorp Credit Management BDC, Inc. (ICMB) show a moderate relationship: their 3-year correlation of weekly returns is 0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CION and ICMB?
Over the past 3 years, CION and ICMB moved with a correlation of 0.40, which is moderate. Little has changed lately, as the 1-year reading of 0.41 lands near the 3-year figure. Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 538.2 %².
Within CION's tracked universe of 22 assets, ICMB comes in at #16 by 3-year correlation. The last year tells two different stories: CION led by 50.3 percentage points, -17.7% for CION against -68.0% for ICMB.
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.
CION vs ICMB: side by side
| CION (CION Investment Corporation) | ICMB (Investcorp Credit Management BDC, Inc.) | |
|---|---|---|
| 1-year return | -17.7% | -68.0% |
| 5-year return | +26.2% | -68.9% |
| Volatility (ann.) | 30.2% | 44.6% |
| Beta vs S&P 500 | 0.86 | 0.46 |
| Max drawdown (3Y) | -40.3% | -75.5% |
| Market cap | $0.4B | – |
| P/E (trailing) | 123.5 | – |
| Dividend yield | 17.98% | 28.76% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CION | ICMB |
|---|---|---|
| 2022 | -14.8% | -19.0% |
| 2023 | +35.4% | +19.0% |
| 2024 | +14.8% | +0.7% |
| 2025 | -2.3% | +5.9% |
| 2026 | -14.6% | -68.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CION and ICMB good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CION and ICMB?
As of 2026-08-27, the correlation of weekly returns between CION and ICMB is 0.40 over 3 years, 0.41 over 1 year and 0.37 over 5 years.
Is ICMB a good diversifier for CION?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cion-vs-icmb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cion-vs-icmb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CION correlations · ICMB correlations
