ICCC vs TOPS: Correlation
How closely do ImmuCell Corporation (ICCC) and TOP Ships, Inc. (TOPS) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICCC and TOPS?
On 3 years of weekly data the ICCC/TOPS correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.19 lands near the 3-year figure. The 5-year figure is 0.01, and annualized covariance runs at -897.6 %².
Out of 13 assets tracked against ICCC, TOPS lands near the bottom at #12. Correlation aside, the last 12 months split them widely, with ICCC ahead by 150.2 points (+64.3% versus -85.9%). Risk is not evenly split, since TOPS carries 1.7 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.
ICCC vs TOPS: side by side
| ICCC (ImmuCell Corporation) | TOPS (TOP Ships, Inc.) | |
|---|---|---|
| 1-year return | +64.3% | -85.9% |
| 5-year return | +10.8% | -99.7% |
| Volatility (ann.) | 45.2% | 78.4% |
| Beta vs S&P 500 | 0.01 | 1.09 |
| Max drawdown (3Y) | -40.0% | -96.5% |
| Market cap | $0.1B | – |
| P/E (trailing) | 143.1 | 1.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ICCC | TOPS |
|---|---|---|
| 2022 | -23.8% | -92.4% |
| 2023 | -16.6% | +2.5% |
| 2024 | +1.2% | -61.4% |
| 2025 | +19.4% | -25.2% |
| 2026 | +62.9% | -82.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICCC and TOPS good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between ICCC and TOPS?
The ICCC/TOPS correlation stands at -0.25 on a 3-year window (1 year: -0.19, 5 years: 0.01), computed from weekly returns as of 2026-08-27.
Is TOPS a good diversifier for ICCC?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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/iccc-vs-tops.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iccc-vs-tops/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ICCC correlations · TOPS correlations
