ICCM vs NSC: Correlation
How closely do IceCure Medical Ltd. (ICCM) and Norfolk Southern (NSC) trade together? Their weekly returns over three years give a correlation of -0.17, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICCM and NSC?
Over the past 3 years, ICCM and NSC moved with a correlation of -0.17, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.31) than the 3-year average (-0.17). Over 5 years the correlation is -0.07, and the annualized covariance of weekly returns is -429.5 %².
Among the 41 assets we track against ICCM, NSC ranks #10 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NSC ahead by 122.3 points (-92.3% versus +30.0%). One caveat on sizing: ICCM is 5.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 NSC: side by side
| ICCM (IceCure Medical Ltd.) | NSC (Norfolk Southern) | |
|---|---|---|
| 1-year return | -92.3% | +30.0% |
| 5-year return | -99.3% | +49.6% |
| Volatility (ann.) | 117.6% | 22.0% |
| Beta vs S&P 500 | 0.41 | 0.69 |
| Max drawdown (3Y) | -95.4% | -25.1% |
| Market cap | – | $78.1B |
| P/E (trailing) | – | 30.1 |
| Dividend yield | 0.00% | 1.53% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | ICCM | NSC |
|---|---|---|
| 2022 | -49.2% | -15.6% |
| 2023 | -31.0% | -1.6% |
| 2024 | +2.8% | +1.6% |
| 2025 | -44.5% | +25.6% |
| 2026 | -87.5% | +22.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICCM and NSC good diversifiers for each other?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ICCM and NSC?
The ICCM/NSC correlation stands at -0.17 on a 3-year window (1 year: -0.31, 5 years: -0.07), computed from weekly returns as of 2026-08-27.
Is NSC a good diversifier for ICCM?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.17 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/iccm-vs-nsc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iccm-vs-nsc/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ICCM correlations · NSC correlations
