CWD vs TLPH: Correlation
How closely do CaliberCos Inc. (CWD) and Talphera, Inc. (TLPH) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWD and TLPH?
Over the past 3 years, CWD and TLPH moved with a correlation of 0.39, which is moderate. The link has tightened recently: the 1-year correlation (0.57) runs above the 3-year figure (0.39). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 6756.8 %².
By 3-year correlation, TLPH places #8 of the 16 assets tracked against CWD. The last year tells two different stories: TLPH led by 194.3 percentage points, -66.5% for CWD against +127.8% for TLPH. Risk is not evenly split, since CWD carries 2.2 times the volatility of the other side.
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.
CWD vs TLPH: side by side
| CWD (CaliberCos Inc.) | TLPH (Talphera, Inc.) | |
|---|---|---|
| 1-year return | -66.5% | +127.8% |
| 5-year return | n/a | -94.6% |
| Volatility (ann.) | 194.6% | 88.9% |
| Beta vs S&P 500 | 1.40 | 1.27 |
| Max drawdown (3Y) | -98.7% | -73.5% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CWD | TLPH |
|---|---|---|
| 2022 | – | -79.8% |
| 2023 | – | -67.3% |
| 2024 | -45.8% | -29.7% |
| 2025 | -91.1% | +119.2% |
| 2026 | -54.0% | +7.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWD and TLPH good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CWD and TLPH?
The CWD/TLPH correlation stands at 0.39 on a 3-year window (1 year: 0.57, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is TLPH a good diversifier for CWD?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cwd-vs-tlph.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cwd-vs-tlph/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CWD correlations · TLPH correlations
