ICU vs NMG: Correlation
How closely do SeaStar Medical Holding Corporation (ICU) and Nouveau Monde Graphite Inc. (NMG) trade together? Their weekly returns over three years give a correlation of 0.25, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICU and NMG?
Across a 3-year window, the weekly returns of ICU and NMG correlate at 0.25, weak. Lately the two have moved closer together, with the 1-year correlation at 0.42 versus 0.25 over 3 years. Stretching to 5 years gives 0.18, with an annualized covariance of 2856.5 %².
Among the 10 assets we track against ICU, NMG ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NMG outperformed by 41.6 percentage points (-63.4% for ICU against -21.8% for NMG). Risk is not evenly split, since ICU carries 2.2 times the volatility of the other side.
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.
ICU vs NMG: side by side
| ICU (SeaStar Medical Holding Corporation) | NMG (Nouveau Monde Graphite Inc.) | |
|---|---|---|
| 1-year return | -63.4% | -21.8% |
| 5-year return | -99.9% | -77.4% |
| Volatility (ann.) | 156.9% | 72.8% |
| Beta vs S&P 500 | 0.82 | 1.20 |
| Max drawdown (3Y) | -99.4% | -75.1% |
| Market cap | – | $0.5B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ICU | NMG |
|---|---|---|
| 2022 | -59.2% | -45.4% |
| 2023 | -89.2% | -31.7% |
| 2024 | -82.5% | -39.1% |
| 2025 | -87.6% | +56.0% |
| 2026 | +29.2% | -39.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICU and NMG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ICU and NMG?
As of 2026-08-27, the correlation of weekly returns between ICU and NMG is 0.25 over 3 years, 0.42 over 1 year and 0.18 over 5 years.
Is NMG a good diversifier for ICU?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.25 mean?
On the −1 to +1 scale, 0.25 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/icu-vs-nmg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/icu-vs-nmg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ICU correlations · NMG correlations
