TNYA vs. ICCM

Last updated Jun 3, 2026

TNYA (Tenaya Therapeutics, Inc.) and ICCM (Icecure Medical) are both stocks. Both are in the Healthcare sector — TNYA in Biotechnology, ICCM in Medical Devices. Over the past 3 years, TNYA returned -53.06%/yr vs -49.51%/yr for ICCM. At a 0.17 correlation, their price movements are largely independent.

Performance

TNYA vs. ICCM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tenaya Therapeutics, Inc. (TNYA) and Icecure Medical (ICCM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TNYA achieves a 11.03% return, which is significantly higher than ICCM's -77.22% return.

TNYA

• 1D: -9.20%
• 1M: 11.93%
• YTD: 11.03%
• 6M: -35.25%
• 1Y: 71.74%
• 3Y*: -53.06%
• 5Y*: —
• 10Y*: —

ICCM

• 1D: -30.88%
• 1M: -53.87%
• YTD: -77.22%
• 6M: -80.24%
• 1Y: -86.76%
• 3Y*: -49.51%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

TNYA vs. ICCM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TNYA Tenaya Therapeutics, Inc.	11.03%	-50.24%	-55.86%	61.19%	-89.39%	-19.33%
ICCM Icecure Medical	-77.22%	-44.54%	2.80%	-30.97%	-49.18%	-72.02%

Correlation

The correlation between TNYA and ICCM is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (All Time) Calculated using the full available price history since Aug 27, 2021	0.17

The correlation between TNYA and ICCM shifts across timeframes, from 0.17 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap TNYA : $171.34M ICCM : $10.23M
EPS TNYA : -$0.48 ICCM : -$0.23
PS Ratio TNYA : 610.93 ICCM : 2.64
PB Ratio TNYA : 1.61 ICCM : 1.20
Total Revenue (TTM) TNYA : $225.00K ICCM : $3.57M
Gross Profit (TTM) TNYA : $0.00 ICCM : $1.30M
EBITDA (TTM) TNYA : -$78.62M ICCM : -$15.41M

Return for Risk

TNYA vs. ICCM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TNYA

TNYA Risk / Return Rank: 62
TNYA Sharpe Ratio Rank: 61
TNYA Sortino Ratio Rank: 69
TNYA Omega Ratio Rank: 66
TNYA Calmar Ratio Rank: 60
TNYA Martin Ratio Rank: 56

ICCM

ICCM Risk / Return Rank: 2
ICCM Sharpe Ratio Rank: 3
ICCM Sortino Ratio Rank: 1
ICCM Omega Ratio Rank: 1
ICCM Calmar Ratio Rank: 2
ICCM Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TNYA vs. ICCM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tenaya Therapeutics, Inc. (TNYA) and Icecure Medical (ICCM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	TNYA	ICCM	Difference
Sharpe ratio Return per unit of total volatility	0.64	-1.06	+1.70
Sortino ratio Return per unit of downside risk	1.70	-2.40	+4.10
Omega ratio Gain probability vs. loss probability	1.21	0.66	+0.55
Calmar ratio Return relative to maximum drawdown	0.97	-0.98	+1.95
Martin ratio Return relative to average drawdown	1.55	-1.93	+3.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TNYA vs. ICCM - Sharpe Ratio Comparison

The current TNYA Sharpe Ratio is 0.64, which is higher than the ICCM Sharpe Ratio of -1.06. The chart below compares the historical Sharpe Ratios of TNYA and ICCM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TNYA	ICCM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.64	-1.06	+1.70
Sharpe Ratio (All Time) Calculated using the full available price history	-0.42	-0.49	+0.06

Drawdowns

TNYA vs. ICCM - Drawdown Comparison

The maximum TNYA drawdown since its inception was -98.69%, roughly equal to the maximum ICCM drawdown of -98.77%. Use the drawdown chart below to compare losses from any high point for TNYA and ICCM.

Drawdown Indicators

	TNYA	ICCM	Difference
Max Drawdown Largest peak-to-trough decline	-98.69%	-98.77%	+0.08%
Max Drawdown (1Y) Largest decline over 1 year	-73.81%	-88.32%	+14.51%
Max Drawdown (3Y) Largest decline over 3 years	-94.92%	-91.03%	-3.89%
Current Drawdown Current decline from peak	-97.33%	-98.77%	+1.44%
Average Drawdown Average peak-to-trough decline	-82.08%	-86.15%	+4.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.25%	45.04%	+1.21%

Volatility

TNYA vs. ICCM - Volatility Comparison

The current volatility for Tenaya Therapeutics, Inc. (TNYA) is 29.89%, while Icecure Medical (ICCM) has a volatility of 37.94%. This indicates that TNYA experiences smaller price fluctuations and is considered to be less risky than ICCM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TNYA	ICCM	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.89%	37.94%	-8.05%
Volatility (6M) Calculated over the trailing 6-month period	86.15%	76.23%	+9.92%
Volatility (1Y) Calculated over the trailing 1-year period	113.37%	81.87%	+31.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	109.13%	124.06%	-14.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	109.13%	124.06%	-14.93%

Dividends

TNYA vs. ICCM - Dividend Comparison

Neither TNYA nor ICCM has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both TNYA and ICCM in my portfolio?

TNYA and ICCM have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TNYA or ICCM?

ICCM has higher volatility (37.94%) compared to TNYA (29.89%). In terms of maximum drawdown, TNYA dropped -98.69% vs ICCM's -98.77%.

Which has better risk-adjusted returns?

TNYA currently has the higher Sharpe Ratio (0.64 vs -1.06), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.