ICRA Limited

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2026	+4.0%Positive MonthJan 2026: +3.97%	-12.7%Negative MonthFeb 2026: -12.71%	-9.1%Negative MonthMar 2026: -9.12%	+8.3%Positive MonthApr 2026: +8.32%	-0.5%Neutral MonthMay 2026: -0.49%	-2.7%Negative MonthJun 2026: -2.72%	-10.1%*Negative MonthJul 2026: -10.06%	—	—	—	—	—
2025	-3.0%Negative MonthJan 2025: -3.04%	-14.9%Negative MonthFeb 2025: -14.87%	+4.2%Positive MonthMar 2025: +4.22%	+0.6%Neutral MonthApr 2025: +0.64%	+21.2%Positive MonthMay 2025: +21.16%	+0.6%Neutral MonthJun 2025: +0.58%	-2.6%Negative MonthJul 2025: -2.60%	-5.3%Negative MonthAug 2025: -5.29%	+0.9%Neutral MonthSep 2025: +0.88%	+1.8%Neutral MonthOct 2025: +1.84%	-3.5%Negative MonthNov 2025: -3.50%	-2.1%Negative MonthDec 2025: -2.07%
2024	-4.0%Negative MonthJan 2024: -4.03%	+6.4%Positive MonthFeb 2024: +6.40%	-6.7%Negative MonthMar 2024: -6.71%	-2.7%Negative MonthApr 2024: -2.67%	+4.9%Positive MonthMay 2024: +4.89%	+5.1%Positive MonthJun 2024: +5.06%	-3.8%Negative MonthJul 2024: -3.76%	+6.6%Positive MonthAug 2024: +6.62%	+20.4%Positive MonthSep 2024: +20.36%	+0.5%Neutral MonthOct 2024: +0.48%	-5.3%Negative MonthNov 2024: -5.34%	-6.4%Negative MonthDec 2024: -6.39%
2023	-2.8%Negative MonthJan 2023: -2.83%	-0.4%Neutral MonthFeb 2023: -0.37%	-0.8%Neutral MonthMar 2023: -0.76%	+6.7%Positive MonthApr 2023: +6.69%	+5.2%Positive MonthMay 2023: +5.18%	+7.7%Positive MonthJun 2023: +7.66%	+0.7%Neutral MonthJul 2023: +0.65%	+9.5%Positive MonthAug 2023: +9.50%	-6.6%Negative MonthSep 2023: -6.63%	-0.5%Neutral MonthOct 2023: -0.49%	+0.1%Neutral MonthNov 2023: +0.11%	+4.5%Positive MonthDec 2023: +4.49%
2022	+8.7%Positive MonthJan 2022: +8.71%	+1.2%Neutral MonthFeb 2022: +1.22%	+14.1%Positive MonthMar 2022: +14.05%	-4.3%Negative MonthApr 2022: -4.29%	-3.8%Negative MonthMay 2022: -3.81%	-5.7%Negative MonthJun 2022: -5.68%	+5.2%Positive MonthJul 2022: +5.22%	-4.0%Negative MonthAug 2022: -4.03%	+6.1%Positive MonthSep 2022: +6.05%	+5.0%Positive MonthOct 2022: +5.02%	+6.0%Positive MonthNov 2022: +6.01%	+4.3%Positive MonthDec 2022: +4.30%
2021	—	—	—	—	—	+3.0%Positive MonthJun 2021: +2.97%	+15.5%Positive MonthJul 2021: +15.53%	-6.0%Negative MonthAug 2021: -5.96%	+0.7%Neutral MonthSep 2021: +0.70%	-2.3%Negative MonthOct 2021: -2.28%	+3.5%Positive MonthNov 2021: +3.47%	-5.6%Negative MonthDec 2021: -5.62%
Avg±SD	+0.6%±5.0%	-4.1%±8.3%	+0.3%±8.3%	+1.7%±5.0%	+5.4%±8.6%	+1.3%±4.5%	+0.8%±8.0%	+0.2%±6.5%	+4.3%±9.0%	+0.9%±2.5%	+0.2%±4.2%	-1.1%±4.7%

* Current month — value will change until month-end.

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Each cell is the percentage change in closing price from the end of the prior month to the end of this month. The bottom row shows the average return for that calendar month across the selected years, plus or minus one standard deviation — the range that historically contained roughly two-thirds of outcomes. Past monthly patterns are not a forecast of future returns.

This aggregates every month by calendar position — all Januaries together, all Februaries together, and so on — to show whether a given month has leaned positive or negative historically. ‘Simple’ counts each month as +1 or −1. ‘Weighted’ gives larger moves more influence: +2 above +10%, −2 below −10%. With only 6 years of history for this asset, each month’s score reflects a small number of observations — read it as a historical tendency, not a reliable seasonal pattern.

This tracks a running tally across the asset’s full price history: each month adds or subtracts based on whether it was positive or negative. A rising line means more positive months than negative so far; a flattening or falling line means recent months have leaned negative. This measures historical month-to-month consistency, not expected future performance.

Year-to-date return is calculated by dividing each day’s closing price by the price on January 1st of that year (or the asset’s first available price if it began trading mid-year). The custom average line shows the mean YTD return at each calendar day across the selected years. The standard deviation band shows the range within which returns have historically fallen — at 1 SD, roughly two-thirds of years; at 2 SD, roughly 95%. Past year-to-date patterns do not predict future returns. The average and standard deviation band are computed from the year set chosen in “Average from”, which is independent of which year lines are displayed. The current in-progress year is excluded from these calculations, since a partial year is not comparable to complete ones. Election-cycle groupings follow the US presidential calendar and are offered only for US and crypto assets.