CADL vs IGC: Correlation
How closely do Candel Therapeutics, Inc. (CADL) and IGC Pharma, Inc. (IGC) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CADL and IGC?
Over the past 3 years, CADL and IGC moved with a correlation of 0.52, which is moderate. The past 12 months show a weaker link (0.34) than the 3-year average (0.52). Over 5 years the correlation is 0.39, and the annualized covariance of weekly returns is 7313.9 %².
In CADL's tracked universe of 21 assets, IGC sits right near the top at #3. The last year tells two different stories: CADL led by 158.5 percentage points, +132.7% for CADL against -25.8% for IGC. Risk is not evenly split, since CADL carries 3.1 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.
CADL vs IGC: side by side
| CADL (Candel Therapeutics, Inc.) | IGC (IGC Pharma, Inc.) | |
|---|---|---|
| 1-year return | +132.7% | -25.8% |
| 5-year return | +73.2% | -79.0% |
| Volatility (ann.) | 207.2% | 67.5% |
| Beta vs S&P 500 | 0.60 | 0.66 |
| Max drawdown (3Y) | -72.9% | -65.2% |
| Market cap | $1.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CADL | IGC |
|---|---|---|
| 2022 | -77.1% | -67.3% |
| 2023 | -17.9% | -12.5% |
| 2024 | +490.5% | +21.4% |
| 2025 | -34.9% | -17.6% |
| 2026 | +143.4% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CADL and IGC good diversifiers for each other?
Only partially. A correlation of 0.52 means CADL and IGC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CADL and IGC?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with 0.34 over the last year and 0.39 over 5 years.
Is IGC a good diversifier for CADL?
Only partially. A correlation of 0.52 means CADL and IGC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 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/cadl-vs-igc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cadl-vs-igc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CADL correlations · IGC correlations
