ICMB vs LPCN: Correlation
Measured on weekly returns over the past three years, Investcorp Credit Management BDC, Inc. (ICMB) and Lipocine Inc. (LPCN) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICMB and LPCN?
On 3 years of weekly data the ICMB/LPCN correlation comes out at 0.33, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.44 versus 0.33 over 3 years. The 5-year figure is 0.29, and annualized covariance runs at 1330.8 %².
Within ICMB's tracked universe of 13 assets, LPCN comes in at #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months LPCN outperformed by 42.1 percentage points (-68.0% for ICMB against -25.9% for LPCN). One caveat on sizing: LPCN is 2.0 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.
ICMB vs LPCN: side by side
| ICMB (Investcorp Credit Management BDC, Inc.) | LPCN (Lipocine Inc.) | |
|---|---|---|
| 1-year return | -68.0% | -25.9% |
| 5-year return | -68.9% | -90.3% |
| Volatility (ann.) | 44.6% | 90.4% |
| Beta vs S&P 500 | 0.46 | 0.69 |
| Max drawdown (3Y) | -75.5% | -82.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 28.76% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ICMB | LPCN |
|---|---|---|
| 2022 | -19.0% | -59.8% |
| 2023 | +19.0% | -58.8% |
| 2024 | +0.7% | +74.9% |
| 2025 | +5.9% | +64.5% |
| 2026 | -68.7% | -72.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICMB and LPCN good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ICMB and LPCN?
The ICMB/LPCN correlation stands at 0.33 on a 3-year window (1 year: 0.44, 5 years: 0.29), computed from weekly returns as of 2026-08-27.
Is LPCN a good diversifier for ICMB?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 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/icmb-vs-lpcn.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/icmb-vs-lpcn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ICMB correlations · LPCN correlations
