GGB vs ICCM: Correlation
Gerdau S.A. (GGB) and IceCure Medical Ltd. (ICCM) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GGB and ICCM?
On 3 years of weekly data the GGB/ICCM correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.40) runs below the 3-year figure (-0.25). The 5-year figure is -0.15, and annualized covariance runs at -1017.0 %².
Out of 13 assets tracked against GGB, ICCM lands near the bottom at #11. Correlation aside, the last 12 months split them widely, with GGB ahead by 149.5 points (+57.2% versus -92.3%). Risk is not evenly split, since ICCM carries 3.4 times the volatility of the other side.
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.
GGB vs ICCM: side by side
| GGB (Gerdau S.A.) | ICCM (IceCure Medical Ltd.) | |
|---|---|---|
| 1-year return | +57.2% | -92.3% |
| 5-year return | +55.7% | -99.3% |
| Volatility (ann.) | 34.9% | 117.6% |
| Beta vs S&P 500 | 1.02 | 0.41 |
| Max drawdown (3Y) | -44.2% | -95.4% |
| Market cap | $9.2B | – |
| P/E (trailing) | 21.4 | – |
| Dividend yield | 17.71% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GGB | ICCM |
|---|---|---|
| 2022 | +28.4% | -49.2% |
| 2023 | -1.9% | -31.0% |
| 2024 | -25.9% | +2.8% |
| 2025 | +30.9% | -44.5% |
| 2026 | +30.4% | -87.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GGB and ICCM good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GGB and ICCM?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.40 over the last year and -0.15 over 5 years.
Is ICCM a good diversifier for GGB?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
A reading of -0.25 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/ggb-vs-iccm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ggb-vs-iccm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GGB correlations · ICCM correlations
