ICCM vs TNK: Correlation
How closely do IceCure Medical Ltd. (ICCM) and Teekay Tankers Ltd. (TNK) 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 TNK?
Over the past 3 years, ICCM and TNK moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.24 lands near the 3-year figure. Over 5 years the correlation is -0.13, and the annualized covariance of weekly returns is -1015.3 %².
Among the 41 assets we track against ICCM, TNK ranks #23 by 3-year correlation. The last year tells two different stories: TNK led by 179.6 percentage points, -92.3% for ICCM against +87.3% for TNK. Note the risk asymmetry: ICCM runs 3.1 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 TNK: side by side
| ICCM (IceCure Medical Ltd.) | TNK (Teekay Tankers Ltd.) | |
|---|---|---|
| 1-year return | -92.3% | +87.3% |
| 5-year return | -99.3% | +813.1% |
| Volatility (ann.) | 117.6% | 38.5% |
| Beta vs S&P 500 | 0.41 | 0.51 |
| Max drawdown (3Y) | -95.4% | -52.4% |
| Market cap | – | $3.1B |
| P/E (trailing) | – | 4.9 |
| Dividend yield | 0.00% | 1.20% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ICCM | TNK |
|---|---|---|
| 2022 | -49.2% | +182.7% |
| 2023 | -31.0% | +69.2% |
| 2024 | +2.8% | -16.6% |
| 2025 | -44.5% | +39.6% |
| 2026 | -87.5% | +68.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICCM and TNK good diversifiers for each other?
Yes. With a correlation of -0.22, ICCM and TNK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ICCM and TNK?
The ICCM/TNK correlation stands at -0.22 on a 3-year window (1 year: -0.24, 5 years: -0.13), computed from weekly returns as of 2026-08-27.
Is TNK a good diversifier for ICCM?
Yes. With a correlation of -0.22, ICCM and TNK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 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-tnk.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iccm-vs-tnk/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ICCM correlations · TNK correlations
