ICCM vs XLP: Correlation
How closely do IceCure Medical Ltd. (ICCM) and Consumer Staples Select Sector SPDR Fund (XLP) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICCM and XLP?
On 3 years of weekly data the ICCM/XLP correlation comes out at -0.19, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.22 lands near the 3-year figure. The 5-year figure is -0.09, and annualized covariance runs at -252.5 %².
By 3-year correlation, XLP places #16 of the 41 assets tracked against ICCM. Correlation aside, the last 12 months split them widely, with XLP ahead by 100.6 points (-92.3% versus +8.3%). One caveat on sizing: ICCM is 10.6 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 XLP: side by side
| ICCM (IceCure Medical Ltd.) | XLP (Consumer Staples Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -92.3% | +8.3% |
| 5-year return | -99.3% | +34.7% |
| Volatility (ann.) | 117.6% | 11.1% |
| Beta vs S&P 500 | 0.41 | 0.23 |
| Max drawdown (3Y) | -95.4% | -9.7% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 2.58% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $14.6B |
| Sector / category | US Listed | Sector ETF |
On the fund side, XLP sits in the Consumer Defensive category at State Street Investment Management, with $14.6B under management, 35 holdings, a 0.08% expense ratio, a 2.58% trailing dividend yield.
Year-by-year returns
| Year | ICCM | XLP |
|---|---|---|
| 2022 | -49.2% | -0.8% |
| 2023 | -31.0% | -0.8% |
| 2024 | +2.8% | +12.2% |
| 2025 | -44.5% | +1.5% |
| 2026 | -87.5% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICCM and XLP 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 XLP?
The ICCM/XLP correlation stands at -0.19 on a 3-year window (1 year: -0.22, 5 years: -0.09), computed from weekly returns as of 2026-08-27.
Is XLP 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-xlp.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iccm-vs-xlp/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ICCM correlations · XLP correlations
