CADL vs MDIA: Correlation
How closely do Candel Therapeutics, Inc. (CADL) and Mediaco Holding Inc. (MDIA) trade together? Their weekly returns over three years give a correlation of 0.85, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CADL and MDIA?
Over the past 3 years, CADL and MDIA moved with a correlation of 0.85, which is very strong, meaning they move nearly in lockstep. The past 12 months show a weaker link (0.30) than the 3-year average (0.85). Over 5 years the correlation is 0.78, and the annualized covariance of weekly returns is 68255.8 %².
In CADL's tracked universe of 21 assets, MDIA sits right near the top at #1. Correlation aside, the last 12 months split them widely, with CADL ahead by 153.3 points (+132.7% versus -20.6%). Note the risk asymmetry: MDIA runs 1.9 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 MDIA: side by side
| CADL (Candel Therapeutics, Inc.) | MDIA (Mediaco Holding Inc.) | |
|---|---|---|
| 1-year return | +132.7% | -20.6% |
| 5-year return | +73.2% | -89.6% |
| Volatility (ann.) | 207.2% | 389.4% |
| Beta vs S&P 500 | 0.60 | -0.94 |
| Max drawdown (3Y) | -72.9% | -90.2% |
| 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 | MDIA |
|---|---|---|
| 2022 | -77.1% | -78.5% |
| 2023 | -17.9% | -62.6% |
| 2024 | +490.5% | +165.1% |
| 2025 | -34.9% | -49.1% |
| 2026 | +143.4% | +79.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CADL and MDIA good diversifiers for each other?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between CADL and MDIA?
As of 2026-08-27, the correlation of weekly returns between CADL and MDIA is 0.85 over 3 years, 0.30 over 1 year and 0.78 over 5 years.
Is MDIA a good diversifier for CADL?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.85 mean?
On the −1 to +1 scale, 0.85 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.
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Related comparisons
Hubs: CADL correlations · MDIA correlations
