ICL vs KEN: Correlation
Measured on weekly returns over the past three years, ICL Group Ltd. (ICL) and Kenon Holdings Ltd. (KEN) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICL and KEN?
Across a 3-year window, the weekly returns of ICL and KEN correlate at 0.46, moderate. The link has loosened recently: the 1-year correlation (0.25) runs below the 3-year figure (0.46). Stretching to 5 years gives 0.37, with an annualized covariance of 650.4 %².
In ICL's tracked universe of 10 assets, KEN sits right near the top at #1. Their recent paths diverged sharply: over the last 12 months KEN outperformed by 69.6 percentage points (-10.6% for ICL against +59.0% for KEN).
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.
ICL vs KEN: side by side
| ICL (ICL Group Ltd.) | KEN (Kenon Holdings Ltd.) | |
|---|---|---|
| 1-year return | -10.6% | +59.0% |
| 5-year return | +2.5% | +294.3% |
| Volatility (ann.) | 37.8% | 37.7% |
| Beta vs S&P 500 | 0.81 | 0.72 |
| Max drawdown (3Y) | -35.6% | -33.2% |
| Market cap | – | – |
| P/E (trailing) | 23.6 | 43.0 |
| Dividend yield | 3.64% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ICL | KEN |
|---|---|---|
| 2022 | -16.9% | -11.7% |
| 2023 | -27.2% | -18.2% |
| 2024 | +2.8% | +67.6% |
| 2025 | +17.1% | +126.2% |
| 2026 | +1.0% | +8.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICL and KEN good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ICL and KEN?
As of 2026-08-27, the correlation of weekly returns between ICL and KEN is 0.46 over 3 years, 0.25 over 1 year and 0.37 over 5 years.
Is KEN a good diversifier for ICL?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 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/icl-vs-ken.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/icl-vs-ken/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ICL correlations · KEN correlations
