ICCM vs TRGP: Correlation
Measured on weekly returns over the past three years, IceCure Medical Ltd. (ICCM) and Targa Resources (TRGP) carry a correlation of -0.19, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICCM and TRGP?
Across a 3-year window, the weekly returns of ICCM and TRGP correlate at -0.19, 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. Stretching to 5 years gives -0.10, with an annualized covariance of -708.7 %².
Within ICCM's tracked universe of 41 assets, TRGP comes in at #14 by 3-year correlation. The last year tells two different stories: TRGP led by 171.0 percentage points, -92.3% for ICCM against +78.7% for TRGP. Note the risk asymmetry: ICCM runs 3.7 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 TRGP: side by side
| ICCM (IceCure Medical Ltd.) | TRGP (Targa Resources) | |
|---|---|---|
| 1-year return | -92.3% | +78.7% |
| 5-year return | -99.3% | +626.8% |
| Volatility (ann.) | 117.6% | 31.5% |
| Beta vs S&P 500 | 0.41 | 0.44 |
| Max drawdown (3Y) | -95.4% | -31.6% |
| Market cap | – | $62.0B |
| P/E (trailing) | – | 28.1 |
| Dividend yield | 0.00% | 1.53% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | ICCM | TRGP |
|---|---|---|
| 2022 | -49.2% | +43.7% |
| 2023 | -31.0% | +21.0% |
| 2024 | +2.8% | +110.1% |
| 2025 | -44.5% | +5.7% |
| 2026 | -87.5% | +58.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICCM and TRGP good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ICCM and TRGP?
As of 2026-08-27, the correlation of weekly returns between ICCM and TRGP is -0.19 over 3 years, -0.24 over 1 year and -0.10 over 5 years.
Is TRGP a good diversifier for ICCM?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iccm-vs-trgp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iccm-vs-trgp/)
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Related comparisons
Hubs: ICCM correlations · TRGP correlations
