CADL vs NEOV: Correlation
Candel Therapeutics, Inc. (CADL) and NeoVolta Inc. (NEOV) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CADL and NEOV?
Over the past 3 years, CADL and NEOV moved with a correlation of 0.37, which is moderate. The link has loosened recently: the 1-year correlation (-0.10) runs below the 3-year figure (0.37). Over 5 years the correlation is 0.28, and the annualized covariance of weekly returns is 8407.3 %².
Within CADL's tracked universe of 21 assets, NEOV comes in at #9 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CADL outperformed by 131.3 percentage points (+132.7% for CADL against +1.4% for NEOV). One caveat on sizing: CADL is 1.9 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 NEOV: side by side
| CADL (Candel Therapeutics, Inc.) | NEOV (NeoVolta Inc.) | |
|---|---|---|
| 1-year return | +132.7% | +1.4% |
| 5-year return | +73.2% | -45.4% |
| Volatility (ann.) | 207.2% | 111.0% |
| Beta vs S&P 500 | 0.60 | 1.32 |
| Max drawdown (3Y) | -72.9% | -79.4% |
| Market cap | $1.1B | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CADL | NEOV |
|---|---|---|
| 2022 | -77.1% | -60.2% |
| 2023 | -17.9% | -42.7% |
| 2024 | +490.5% | +225.6% |
| 2025 | -34.9% | -41.7% |
| 2026 | +143.4% | +16.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CADL and NEOV good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CADL and NEOV?
The CADL/NEOV correlation stands at 0.37 on a 3-year window (1 year: -0.10, 5 years: 0.28), computed from weekly returns as of 2026-08-27.
Is NEOV a good diversifier for CADL?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 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.
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Related comparisons
Hubs: CADL correlations · NEOV correlations
