ICLR vs PM: Correlation
ICON plc (ICLR) and Philip Morris International (PM) show a negative relationship: their 3-year correlation of weekly returns is -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLR and PM?
Across a 3-year window, the weekly returns of ICLR and PM correlate at -0.32, 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. Stretching to 5 years gives -0.11, with an annualized covariance of -373.5 %².
Out of 11 assets tracked against ICLR, PM lands near the bottom at #11. Correlation aside, the last 12 months split them widely, with PM ahead by 22.7 points (-2.5% versus +20.2%). One caveat on sizing: ICLR is 2.2 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.
ICLR vs PM: side by side
| ICLR (ICON plc) | PM (Philip Morris International) | |
|---|---|---|
| 1-year return | -2.5% | +20.2% |
| 5-year return | -33.7% | +133.5% |
| Volatility (ann.) | 51.4% | 23.1% |
| Beta vs S&P 500 | 1.03 | -0.01 |
| Max drawdown (3Y) | -76.9% | -20.6% |
| Market cap | $13.1B | $296.9B |
| P/E (trailing) | 265.2 | 26.7 |
| Dividend yield | 0.00% | 3.03% |
| Sector / category | US Listed | Consumer Staples |
Year-by-year returns
| Year | ICLR | PM |
|---|---|---|
| 2022 | -37.3% | +12.3% |
| 2023 | +45.7% | -1.9% |
| 2024 | -25.9% | +34.3% |
| 2025 | -13.1% | +38.0% |
| 2026 | -6.9% | +20.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLR and PM good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ICLR and PM?
As of 2026-08-27, the correlation of weekly returns between ICLR and PM is -0.32 over 3 years, -0.30 over 1 year and -0.11 over 5 years.
Is PM a good diversifier for ICLR?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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/iclr-vs-pm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iclr-vs-pm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ICLR correlations · PM correlations
