ICON vs ONCY: Correlation
Icon Energy Corp. (ICON) and Oncolytics Biotech Inc. (ONCY) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICON and ONCY?
On 3 years of weekly data the ICON/ONCY correlation comes out at 0.42, moderate. The link has loosened recently: the 1-year correlation (0.31) runs below the 3-year figure (0.42). The 5-year figure is n/a, and annualized covariance runs at 4340.3 %².
ONCY is one of the assets that tracks ICON most closely: it ranks #3 out of the 15 assets we track against ICON. Their recent paths diverged sharply: over the last 12 months ONCY outperformed by 71.3 percentage points (-91.1% for ICON against -19.8% for ONCY).
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.
ICON vs ONCY: side by side
| ICON (Icon Energy Corp.) | ONCY (Oncolytics Biotech Inc.) | |
|---|---|---|
| 1-year return | -91.1% | -19.8% |
| 5-year return | n/a | -61.2% |
| Volatility (ann.) | 114.3% | 80.8% |
| Beta vs S&P 500 | 2.01 | 1.15 |
| Max drawdown (3Y) | -99.9% | -86.2% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ICON | ONCY |
|---|---|---|
| 2022 | – | +17.3% |
| 2023 | – | -17.2% |
| 2024 | – | -32.6% |
| 2025 | -99.2% | -4.4% |
| 2026 | -71.1% | -2.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICON and ONCY good diversifiers for each other?
Reasonably. At 0.42, ICON and ONCY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ICON and ONCY?
As of 2026-08-27, the correlation of weekly returns between ICON and ONCY is 0.42 over 3 years, 0.31 over 1 year and n/a over 5 years.
Is ONCY a good diversifier for ICON?
Reasonably. At 0.42, ICON and ONCY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 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/icon-vs-oncy.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/icon-vs-oncy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ICON correlations · ONCY correlations
