CADL vs SPY: Correlation
How closely do Candel Therapeutics, Inc. (CADL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.04, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CADL and SPY?
Across a 3-year window, the weekly returns of CADL and SPY correlate at 0.04, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.14) sits close to the 3-year figure. Stretching to 5 years gives 0.09, with an annualized covariance of 124.5 %².
Within CADL's tracked universe of 21 assets, SPY comes in at #12 by 3-year correlation. The last year tells two different stories: CADL led by 112.1 percentage points, +132.7% for CADL against +20.6% for SPY. One caveat on sizing: CADL is 14.3 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 SPY: side by side
| CADL (Candel Therapeutics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +132.7% | +20.6% |
| 5-year return | +73.2% | +82.4% |
| Volatility (ann.) | 207.2% | 14.5% |
| Beta vs S&P 500 | 0.60 | 1.00 |
| Max drawdown (3Y) | -72.9% | -18.8% |
| Market cap | $1.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | CADL | SPY |
|---|---|---|
| 2022 | -77.1% | -18.2% |
| 2023 | -17.9% | +26.2% |
| 2024 | +490.5% | +24.9% |
| 2025 | -34.9% | +17.7% |
| 2026 | +143.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CADL and SPY good diversifiers for each other?
Yes: at 0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CADL and SPY?
As of 2026-08-27, the correlation of weekly returns between CADL and SPY is 0.04 over 3 years, 0.14 over 1 year and 0.09 over 5 years.
Is SPY a good diversifier for CADL?
Yes: at 0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.04 mean?
A reading of 0.04 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 · SPY correlations
