ICCM vs TIGO: Correlation
Measured on weekly returns over the past three years, IceCure Medical Ltd. (ICCM) and Millicom International Cellular S.A. (TIGO) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICCM and TIGO?
Across a 3-year window, the weekly returns of ICCM and TIGO correlate at -0.23, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.35) than the 3-year average (-0.23). Stretching to 5 years gives -0.12, with an annualized covariance of -867.2 %².
By 3-year correlation, TIGO places #26 of the 41 assets tracked against ICCM. The last year tells two different stories: TIGO led by 206.3 percentage points, -92.3% for ICCM against +114.0% for TIGO. Risk is not evenly split, since ICCM carries 3.7 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.
ICCM vs TIGO: side by side
| ICCM (IceCure Medical Ltd.) | TIGO (Millicom International Cellular S.A.) | |
|---|---|---|
| 1-year return | -92.3% | +114.0% |
| 5-year return | -99.3% | +193.9% |
| Volatility (ann.) | 117.6% | 31.5% |
| Beta vs S&P 500 | 0.41 | 0.20 |
| Max drawdown (3Y) | -95.4% | -17.7% |
| Market cap | – | $15.6B |
| P/E (trailing) | – | 23.3 |
| Dividend yield | 0.00% | 3.12% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ICCM | TIGO |
|---|---|---|
| 2022 | -49.2% | -55.6% |
| 2023 | -31.0% | +42.5% |
| 2024 | +2.8% | +38.9% |
| 2025 | -44.5% | +152.3% |
| 2026 | -87.5% | +76.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICCM and TIGO good diversifiers for each other?
Yes. With a correlation of -0.23, ICCM and TIGO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ICCM and TIGO?
As of 2026-08-27, the correlation of weekly returns between ICCM and TIGO is -0.23 over 3 years, -0.35 over 1 year and -0.12 over 5 years.
Is TIGO a good diversifier for ICCM?
Yes. With a correlation of -0.23, ICCM and TIGO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 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-tigo.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iccm-vs-tigo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ICCM correlations · TIGO correlations
