CADL vs ORKA: Correlation
How closely do Candel Therapeutics, Inc. (CADL) and Oruka Therapeutics, Inc. (ORKA) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CADL and ORKA?
On 3 years of weekly data the CADL/ORKA correlation comes out at 0.52, moderate. The past 12 months show a weaker link (0.19) than the 3-year average (0.52). The 5-year figure is 0.48, and annualized covariance runs at 8688.4 %².
Among the 21 assets we track against CADL, ORKA ranks #4 by 3-year correlation. The last year tells two different stories: ORKA led by 403.3 percentage points, +132.7% for CADL against +536.0% for ORKA. One caveat on sizing: CADL is 2.6 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 ORKA: side by side
| CADL (Candel Therapeutics, Inc.) | ORKA (Oruka Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | +132.7% | +536.0% |
| 5-year return | +73.2% | +390.4% |
| Volatility (ann.) | 207.2% | 80.7% |
| Beta vs S&P 500 | 0.60 | 0.66 |
| Max drawdown (3Y) | -72.9% | -77.8% |
| Market cap | $1.1B | $6.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CADL | ORKA |
|---|---|---|
| 2022 | -77.1% | +10.2% |
| 2023 | -17.9% | -28.3% |
| 2024 | +490.5% | +76.7% |
| 2025 | -34.9% | +56.3% |
| 2026 | +143.4% | +218.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CADL and ORKA good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CADL and ORKA?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with 0.19 over the last year and 0.48 over 5 years.
Is ORKA a good diversifier for CADL?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 mean?
A reading of 0.52 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CADL correlations · ORKA correlations
