CADL vs INVE: Correlation
How closely do Candel Therapeutics, Inc. (CADL) and Identiv, Inc. (INVE) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CADL and INVE?
On 3 years of weekly data the CADL/INVE correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.24) sits close to the 3-year figure. The 5-year figure is -0.11, and annualized covariance runs at -3104.3 %².
Among the 21 assets we track against CADL, INVE sits near the bottom by co-movement, at rank #18. The last year tells two different stories: CADL led by 156.1 percentage points, +132.7% for CADL against -23.4% for INVE. One caveat on sizing: CADL is 3.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 INVE: side by side
| CADL (Candel Therapeutics, Inc.) | INVE (Identiv, Inc.) | |
|---|---|---|
| 1-year return | +132.7% | -23.4% |
| 5-year return | +73.2% | -83.7% |
| Volatility (ann.) | 207.2% | 54.6% |
| Beta vs S&P 500 | 0.60 | 1.05 |
| Max drawdown (3Y) | -72.9% | -72.2% |
| 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 | INVE |
|---|---|---|
| 2022 | -77.1% | -74.3% |
| 2023 | -17.9% | +13.8% |
| 2024 | +490.5% | -55.6% |
| 2025 | -34.9% | +4.9% |
| 2026 | +143.4% | -26.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CADL and INVE good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between CADL and INVE?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.24 over the last year and -0.11 over 5 years.
Is INVE a good diversifier for CADL?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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-inve.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cadl-vs-inve/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CADL correlations · INVE correlations
