ICCM vs INVX: Correlation
How closely do IceCure Medical Ltd. (ICCM) and Innovex International, Inc. (INVX) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICCM and INVX?
On 3 years of weekly data the ICCM/INVX correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.34 versus -0.22 over 3 years. The 5-year figure is -0.11, and annualized covariance runs at -1097.6 %².
Among the 41 assets we track against ICCM, INVX ranks #21 by 3-year correlation. The last year tells two different stories: INVX led by 171.6 percentage points, -92.3% for ICCM against +79.3% for INVX. Risk is not evenly split, since ICCM carries 2.8 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.
ICCM vs INVX: side by side
| ICCM (IceCure Medical Ltd.) | INVX (Innovex International, Inc.) | |
|---|---|---|
| 1-year return | -92.3% | +79.3% |
| 5-year return | -99.3% | +21.9% |
| Volatility (ann.) | 117.6% | 42.3% |
| Beta vs S&P 500 | 0.41 | 0.83 |
| Max drawdown (3Y) | -95.4% | -58.9% |
| Market cap | – | $2.1B |
| P/E (trailing) | – | 31.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ICCM | INVX |
|---|---|---|
| 2022 | -49.2% | +38.1% |
| 2023 | -31.0% | -14.4% |
| 2024 | +2.8% | -40.0% |
| 2025 | -44.5% | +56.5% |
| 2026 | -87.5% | +36.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICCM and INVX good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ICCM and INVX?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.34 over the last year and -0.11 over 5 years.
Is INVX a good diversifier for ICCM?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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/iccm-vs-invx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iccm-vs-invx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ICCM correlations · INVX correlations
