ICCM vs SPY: Correlation
IceCure Medical Ltd. (ICCM) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.05.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICCM and SPY?
On 3 years of weekly data the ICCM/SPY correlation comes out at 0.05, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.15 lands near the 3-year figure. The 5-year figure is 0.11, and annualized covariance runs at 85.9 %².
Within ICCM's tracked universe of 41 assets, SPY comes in at #8 by 3-year correlation. The last year tells two different stories: SPY led by 112.9 percentage points, -92.3% for ICCM against +20.6% for SPY. Note the risk asymmetry: ICCM runs 8.1 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.
ICCM vs SPY: side by side
| ICCM (IceCure Medical Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -92.3% | +20.6% |
| 5-year return | -99.3% | +82.4% |
| Volatility (ann.) | 117.6% | 14.5% |
| Beta vs S&P 500 | 0.41 | 1.00 |
| Max drawdown (3Y) | -95.4% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | ICCM | SPY |
|---|---|---|
| 2022 | -49.2% | -18.2% |
| 2023 | -31.0% | +26.2% |
| 2024 | +2.8% | +24.9% |
| 2025 | -44.5% | +17.7% |
| 2026 | -87.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICCM and SPY good diversifiers for each other?
Yes. With a correlation of 0.05, ICCM and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ICCM and SPY?
The ICCM/SPY correlation stands at 0.05 on a 3-year window (1 year: 0.15, 5 years: 0.11), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ICCM?
Yes. With a correlation of 0.05, ICCM and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.05 mean?
A reading of 0.05 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ICCM correlations · SPY correlations
