ICCM vs TRMD: Correlation
How closely do IceCure Medical Ltd. (ICCM) and TORM plc (TRMD) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICCM and TRMD?
On 3 years of weekly data the ICCM/TRMD correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.30) sits close to the 3-year figure. The 5-year figure is -0.17, and annualized covariance runs at -1078.5 %².
Among the 41 assets we track against ICCM, TRMD ranks #27 by 3-year correlation. The last year tells two different stories: TRMD led by 153.7 percentage points, -92.3% for ICCM against +61.4% for TRMD. Risk is not evenly split, since ICCM carries 3.0 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 TRMD: side by side
| ICCM (IceCure Medical Ltd.) | TRMD (TORM plc) | |
|---|---|---|
| 1-year return | -92.3% | +61.4% |
| 5-year return | -99.3% | +679.6% |
| Volatility (ann.) | 117.6% | 39.6% |
| Beta vs S&P 500 | 0.41 | 0.60 |
| Max drawdown (3Y) | -95.4% | -60.6% |
| Market cap | – | $3.3B |
| P/E (trailing) | – | 5.2 |
| Dividend yield | 0.00% | 7.05% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ICCM | TRMD |
|---|---|---|
| 2022 | -49.2% | +297.7% |
| 2023 | -31.0% | +31.6% |
| 2024 | +2.8% | -23.5% |
| 2025 | -44.5% | +11.3% |
| 2026 | -87.5% | +70.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICCM and TRMD good diversifiers for each other?
Yes. With a correlation of -0.23, ICCM and TRMD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ICCM and TRMD?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.30 over the last year and -0.17 over 5 years.
Is TRMD a good diversifier for ICCM?
Yes. With a correlation of -0.23, ICCM and TRMD 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-trmd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iccm-vs-trmd/)
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Related comparisons
Hubs: ICCM correlations · TRMD correlations
