CADL vs QQQ: Correlation
Measured on weekly returns over the past three years, Candel Therapeutics, Inc. (CADL) and Invesco QQQ Trust (QQQ) carry a correlation of 0.06, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CADL and QQQ?
On 3 years of weekly data the CADL/QQQ correlation comes out at 0.06, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.13 lands near the 3-year figure. The 5-year figure is 0.11, and annualized covariance runs at 247.0 %².
Within CADL's tracked universe of 21 assets, QQQ comes in at #11 by 3-year correlation. The last year tells two different stories: CADL led by 106.4 percentage points, +132.7% for CADL against +26.3% for QQQ. One caveat on sizing: CADL is 10.6 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 QQQ: side by side
| CADL (Candel Therapeutics, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +132.7% | +26.3% |
| 5-year return | +73.2% | +95.4% |
| Volatility (ann.) | 207.2% | 19.6% |
| Beta vs S&P 500 | 0.60 | 1.28 |
| Max drawdown (3Y) | -72.9% | -22.8% |
| Market cap | $1.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | CADL | QQQ |
|---|---|---|
| 2022 | -77.1% | -32.6% |
| 2023 | -17.9% | +54.9% |
| 2024 | +490.5% | +25.6% |
| 2025 | -34.9% | +20.8% |
| 2026 | +143.4% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CADL and QQQ good diversifiers for each other?
By historical standards, yes. A correlation of 0.06 means the two rarely move for the same reasons.
FAQ
What is the correlation between CADL and QQQ?
Using weekly returns as of 2026-08-27: 0.06 over 3 years, with 0.13 over the last year and 0.11 over 5 years.
Is QQQ a good diversifier for CADL?
By historical standards, yes. A correlation of 0.06 means the two rarely move for the same reasons.
What does a correlation of 0.06 mean?
On the −1 to +1 scale, 0.06 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cadl-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cadl-vs-qqq/)
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Related comparisons
Hubs: CADL correlations · QQQ correlations
