CADL vs IRON: Correlation
How closely do Candel Therapeutics, Inc. (CADL) and Disc Medicine, Inc. (IRON) trade together? Their weekly returns over three years give a correlation of -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CADL and IRON?
Across a 3-year window, the weekly returns of CADL and IRON correlate at -0.43, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.04) than the 3-year average (-0.43). Stretching to 5 years gives -0.30, with an annualized covariance of -5286.9 %².
IRON is close to the least connected end of CADL's tracked universe, ranking #21 of 21. Correlation aside, the last 12 months split them widely, with CADL ahead by 95.0 points (+132.7% versus +37.7%). Risk is not evenly split, since CADL carries 3.5 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 IRON: side by side
| CADL (Candel Therapeutics, Inc.) | IRON (Disc Medicine, Inc.) | |
|---|---|---|
| 1-year return | +132.7% | +37.7% |
| 5-year return | +73.2% | -32.4% |
| Volatility (ann.) | 207.2% | 59.7% |
| Beta vs S&P 500 | 0.60 | 1.70 |
| Max drawdown (3Y) | -72.9% | -64.8% |
| Market cap | $1.1B | $3.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CADL | IRON |
|---|---|---|
| 2022 | -77.1% | -77.2% |
| 2023 | -17.9% | +190.4% |
| 2024 | +490.5% | +9.8% |
| 2025 | -34.9% | +25.3% |
| 2026 | +143.4% | +4.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CADL and IRON good diversifiers for each other?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
FAQ
What is the correlation between CADL and IRON?
The CADL/IRON correlation stands at -0.43 on a 3-year window (1 year: 0.04, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is IRON a good diversifier for CADL?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
What does a correlation of -0.43 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cadl-vs-iron.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cadl-vs-iron/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CADL correlations · IRON correlations
