ICCM vs STLD: Correlation
IceCure Medical Ltd. (ICCM) and Steel Dynamics (STLD) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICCM and STLD?
Over the past 3 years, ICCM and STLD moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.38) than the 3-year average (-0.21). Over 5 years the correlation is -0.04, and the annualized covariance of weekly returns is -859.3 %².
Within ICCM's tracked universe of 41 assets, STLD comes in at #19 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months STLD outperformed by 172.1 percentage points (-92.3% for ICCM against +79.8% for STLD). One caveat on sizing: ICCM is 3.4 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 STLD: side by side
| ICCM (IceCure Medical Ltd.) | STLD (Steel Dynamics) | |
|---|---|---|
| 1-year return | -92.3% | +79.8% |
| 5-year return | -99.3% | +262.0% |
| Volatility (ann.) | 117.6% | 34.5% |
| Beta vs S&P 500 | 0.41 | 1.13 |
| Max drawdown (3Y) | -95.4% | -28.7% |
| Market cap | – | $33.8B |
| P/E (trailing) | – | 21.4 |
| Dividend yield | 0.00% | 0.87% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | ICCM | STLD |
|---|---|---|
| 2022 | -49.2% | +60.1% |
| 2023 | -31.0% | +22.8% |
| 2024 | +2.8% | -2.0% |
| 2025 | -44.5% | +50.7% |
| 2026 | -87.5% | +39.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICCM and STLD good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between ICCM and STLD?
The ICCM/STLD correlation stands at -0.21 on a 3-year window (1 year: -0.38, 5 years: -0.04), computed from weekly returns as of 2026-08-27.
Is STLD a good diversifier for ICCM?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 mean?
A reading of -0.21 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/iccm-vs-stld.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iccm-vs-stld/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ICCM correlations · STLD correlations
