ICUI vs TNDM: Correlation
Measured on weekly returns over the past three years, ICU Medical, Inc. (ICUI) and Tandem Diabetes Care, Inc. (TNDM) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICUI and TNDM?
Over the past 3 years, ICUI and TNDM moved with a correlation of 0.42, which is moderate. Little has changed lately, as the 1-year reading of 0.49 lands near the 3-year figure. Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 1168.5 %².
Within ICUI's tracked universe of 16 assets, TNDM comes in at #8 by 3-year correlation. The last year tells two different stories: TNDM led by 36.4 percentage points, +38.3% for ICUI against +74.7% for TNDM. Note the risk asymmetry: TNDM runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ICUI vs TNDM: side by side
| ICUI (ICU Medical, Inc.) | TNDM (Tandem Diabetes Care, Inc.) | |
|---|---|---|
| 1-year return | +38.3% | +74.7% |
| 5-year return | -12.5% | -80.9% |
| Volatility (ann.) | 39.5% | 71.1% |
| Beta vs S&P 500 | 0.84 | 0.84 |
| Max drawdown (3Y) | -45.1% | -81.1% |
| Market cap | $4.4B | $1.5B |
| P/E (trailing) | 150.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ICUI | TNDM |
|---|---|---|
| 2022 | -33.6% | -70.1% |
| 2023 | -36.7% | -34.2% |
| 2024 | +55.6% | +21.8% |
| 2025 | -8.1% | -39.0% |
| 2026 | +22.7% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICUI and TNDM good diversifiers for each other?
Reasonably. At 0.42, ICUI and TNDM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ICUI and TNDM?
As of 2026-08-27, the correlation of weekly returns between ICUI and TNDM is 0.42 over 3 years, 0.49 over 1 year and 0.43 over 5 years.
Is TNDM a good diversifier for ICUI?
Reasonably. At 0.42, ICUI and TNDM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 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/icui-vs-tndm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/icui-vs-tndm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ICUI correlations · TNDM correlations
