ICFI vs PULM: Correlation
ICF International, Inc. (ICFI) and Pulmatrix, Inc. (PULM) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICFI and PULM?
Across a 3-year window, the weekly returns of ICFI and PULM correlate at -0.24, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.18) runs above the 3-year figure (-0.24). Stretching to 5 years gives -0.17, with an annualized covariance of -1286.2 %².
PULM is close to the least connected end of ICFI's tracked universe, ranking #11 of 13. The last year tells two different stories: ICFI led by 59.3 percentage points, -9.4% for ICFI against -68.7% for PULM. One caveat on sizing: PULM is 3.8 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.
ICFI vs PULM: side by side
| ICFI (ICF International, Inc.) | PULM (Pulmatrix, Inc.) | |
|---|---|---|
| 1-year return | -9.4% | -68.7% |
| 5-year return | -2.1% | -90.6% |
| Volatility (ann.) | 37.8% | 144.8% |
| Beta vs S&P 500 | 0.60 | -0.18 |
| Max drawdown (3Y) | -65.6% | -88.1% |
| Market cap | $1.6B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 0.63% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ICFI | PULM |
|---|---|---|
| 2022 | -2.9% | -55.7% |
| 2023 | +36.0% | -52.1% |
| 2024 | -10.8% | +275.3% |
| 2025 | -28.0% | -68.1% |
| 2026 | +5.7% | -31.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICFI and PULM good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ICFI and PULM?
As of 2026-08-27, the correlation of weekly returns between ICFI and PULM is -0.24 over 3 years, 0.18 over 1 year and -0.17 over 5 years.
Is PULM a good diversifier for ICFI?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
A reading of -0.24 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/icfi-vs-pulm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/icfi-vs-pulm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ICFI correlations · PULM correlations
