ELTX vs ICCM: Correlation
Elicio Therapeutics, Inc. (ELTX) and IceCure Medical Ltd. (ICCM) show a negative relationship: their 3-year correlation of weekly returns is -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELTX and ICCM?
On 3 years of weekly data the ELTX/ICCM correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.53 versus -0.31 over 3 years. The 5-year figure is -0.16, and annualized covariance runs at -3367.9 %².
ICCM is close to the least connected end of ELTX's tracked universe, ranking #11 of 11. The last year tells two different stories: ELTX led by 21.2 percentage points, -71.1% for ELTX against -92.3% for ICCM.
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.
ELTX vs ICCM: side by side
| ELTX (Elicio Therapeutics, Inc.) | ICCM (IceCure Medical Ltd.) | |
|---|---|---|
| 1-year return | -71.1% | -92.3% |
| 5-year return | -97.2% | -99.3% |
| Volatility (ann.) | 93.6% | 117.6% |
| Beta vs S&P 500 | 0.68 | 0.41 |
| Max drawdown (3Y) | -81.4% | -95.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELTX | ICCM |
|---|---|---|
| 2022 | -72.0% | -49.2% |
| 2023 | +2.7% | -31.0% |
| 2024 | -38.8% | +2.8% |
| 2025 | +56.1% | -44.5% |
| 2026 | -62.3% | -87.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELTX and ICCM good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between ELTX and ICCM?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.53 over the last year and -0.16 over 5 years.
Is ICCM a good diversifier for ELTX?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 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/eltx-vs-iccm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eltx-vs-iccm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ELTX correlations · ICCM correlations
