CADL vs DTI: Correlation
Candel Therapeutics, Inc. (CADL) and Drilling Tools International Corporation (DTI) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CADL and DTI?
On 3 years of weekly data the CADL/DTI correlation comes out at 0.44, moderate. The past 12 months show a weaker link (-0.11) than the 3-year average (0.44). The 5-year figure is 0.39, and annualized covariance runs at 5958.8 %².
Within CADL's tracked universe of 21 assets, DTI comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CADL ahead by 102.2 points (+132.7% versus +30.5%). Note the risk asymmetry: CADL runs 3.2 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.
CADL vs DTI: side by side
| CADL (Candel Therapeutics, Inc.) | DTI (Drilling Tools International Corporation) | |
|---|---|---|
| 1-year return | +132.7% | +30.5% |
| 5-year return | +73.2% | -74.8% |
| Volatility (ann.) | 207.2% | 65.4% |
| Beta vs S&P 500 | 0.60 | 0.96 |
| Max drawdown (3Y) | -72.9% | -75.0% |
| Market cap | $1.1B | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CADL | DTI |
|---|---|---|
| 2022 | -77.1% | +4.0% |
| 2023 | -17.9% | -68.7% |
| 2024 | +490.5% | +2.2% |
| 2025 | -34.9% | -25.1% |
| 2026 | +143.4% | +1.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CADL and DTI good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CADL and DTI?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with -0.11 over the last year and 0.39 over 5 years.
Is DTI a good diversifier for CADL?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 mean?
A reading of 0.44 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CADL correlations · DTI correlations
