ICON vs PLUG: Correlation
Measured on weekly returns over the past three years, Icon Energy Corp. (ICON) and Plug Power, Inc. (PLUG) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICON and PLUG?
On 3 years of weekly data the ICON/PLUG correlation comes out at 0.36, moderate. The relationship has been stable: the 1-year correlation (0.31) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 3749.4 %².
Among the 15 assets we track against ICON, PLUG ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months PLUG outperformed by 131.2 percentage points (-91.1% for ICON against +40.1% for PLUG).
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 PLUG: side by side
| ICON (Icon Energy Corp.) | PLUG (Plug Power, Inc.) | |
|---|---|---|
| 1-year return | -91.1% | +40.1% |
| 5-year return | n/a | -91.3% |
| Volatility (ann.) | 114.3% | 98.9% |
| Beta vs S&P 500 | 2.01 | 1.49 |
| Max drawdown (3Y) | -99.9% | -92.1% |
| Market cap | – | $3.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ICON | PLUG |
|---|---|---|
| 2022 | – | -56.2% |
| 2023 | – | -63.6% |
| 2024 | – | -52.7% |
| 2025 | -99.2% | -7.5% |
| 2026 | -71.1% | +15.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICON and PLUG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ICON and PLUG?
As of 2026-08-27, the correlation of weekly returns between ICON and PLUG is 0.36 over 3 years, 0.31 over 1 year and n/a over 5 years.
Is PLUG a good diversifier for ICON?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 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.
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Related comparisons
Hubs: ICON correlations · PLUG correlations
