CADL vs LW: Correlation
Measured on weekly returns over the past three years, Candel Therapeutics, Inc. (CADL) and Lamb Weston Holdings, Inc. (LW) carry a correlation of -0.29, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CADL and LW?
Over the past 3 years, CADL and LW moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.20) than the 3-year average (-0.29). Over 5 years the correlation is -0.21, and the annualized covariance of weekly returns is -2591.3 %².
Out of 21 assets tracked against CADL, LW lands near the bottom at #20. The last year tells two different stories: CADL led by 133.0 percentage points, +132.7% for CADL against -0.3% for LW. Note the risk asymmetry: CADL runs 4.8 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 LW: side by side
| CADL (Candel Therapeutics, Inc.) | LW (Lamb Weston Holdings, Inc.) | |
|---|---|---|
| 1-year return | +132.7% | -0.3% |
| 5-year return | +73.2% | -6.1% |
| Volatility (ann.) | 207.2% | 43.2% |
| Beta vs S&P 500 | 0.60 | 0.44 |
| Max drawdown (3Y) | -72.9% | -63.1% |
| Market cap | $1.1B | $7.5B |
| P/E (trailing) | – | 26.6 |
| Dividend yield | 0.00% | 2.71% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CADL | LW |
|---|---|---|
| 2022 | -77.1% | +42.9% |
| 2023 | -17.9% | +22.3% |
| 2024 | +490.5% | -37.0% |
| 2025 | -34.9% | -35.7% |
| 2026 | +143.4% | +34.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CADL and LW good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CADL and LW?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with 0.20 over the last year and -0.21 over 5 years.
Is LW a good diversifier for CADL?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 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-lw.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cadl-vs-lw/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CADL correlations · LW correlations
