HLX vs ICCM: Correlation
Helix Energy Solutions Group, Inc. (HLX) and IceCure Medical Ltd. (ICCM) show a negative relationship: their 3-year correlation of weekly returns is -0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HLX and ICCM?
Over the past 3 years, HLX and ICCM moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.26 over 1 year against -0.19 over 3. Over 5 years the correlation is -0.08, and the annualized covariance of weekly returns is -953.6 %².
ICCM is close to the least connected end of HLX's tracked universe, ranking #19 of 21. Their recent paths diverged sharply: over the last 12 months HLX outperformed by 149.4 percentage points (+57.1% for HLX against -92.3% for ICCM). Note the risk asymmetry: ICCM runs 2.8 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.
HLX vs ICCM: side by side
| HLX (Helix Energy Solutions Group, Inc.) | ICCM (IceCure Medical Ltd.) | |
|---|---|---|
| 1-year return | +57.1% | -92.3% |
| 5-year return | +165.6% | -99.3% |
| Volatility (ann.) | 42.5% | 117.6% |
| Beta vs S&P 500 | 0.65 | 0.41 |
| Max drawdown (3Y) | -55.5% | -95.4% |
| Market cap | – | – |
| P/E (trailing) | 40.5 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HLX | ICCM |
|---|---|---|
| 2022 | +136.5% | -49.2% |
| 2023 | +39.3% | -31.0% |
| 2024 | -9.3% | +2.8% |
| 2025 | -32.7% | -44.5% |
| 2026 | +61.4% | -87.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HLX and ICCM good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HLX and ICCM?
As of 2026-08-27, the correlation of weekly returns between HLX and ICCM is -0.19 over 3 years, -0.26 over 1 year and -0.08 over 5 years.
Is ICCM a good diversifier for HLX?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 mean?
A reading of -0.19 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/hlx-vs-iccm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hlx-vs-iccm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HLX correlations · ICCM correlations
