Edesa Biotech Correlations

EDSA Stock

USD 1.89 0.06 3.28%

The current 90-days correlation between Edesa Biotech and Bellicum Pharmaceuticals is -0.04 (i.e., Good diversification). The correlation of Edesa Biotech is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Edesa Biotech Correlation With Market

Significant diversification

The correlation between Edesa Biotech and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Edesa Biotech and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Edesa Biotech. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in state.

For information on how to trade Edesa Stock refer to our How to Trade Edesa Stock guide.

Moving together with Edesa Stock

0.89	JNJ	Johnson Johnson	Pair Corr
0.74	LLY	Eli Lilly Earnings Call This Week	Pair Corr
0.62	PFE	Pfizer Inc Earnings Call This Week	Pair Corr
0.79	INZY	Inozyme Pharma	Pair Corr
0.69	MREO	Mereo BioPharma Group	Pair Corr
0.9	NKTX	Nkarta Inc	Pair Corr
0.86	PDSB	PDS Biotechnology Corp	Pair Corr
0.69	ABBV	AbbVie Inc Earnings Call Tomorrow	Pair Corr
0.8	ABOS	Acumen Pharmaceuticals	Pair Corr
0.71	ADAP	Adaptimmune Therapeutics	Pair Corr
0.73	AFMD	Affimed NV	Pair Corr
0.84	AMGN	Amgen Inc Earnings Call This Week	Pair Corr
0.61	AMLX	Amylyx Pharmaceuticals	Pair Corr
0.72	APTO	Aptose Biosciences	Pair Corr
0.71	BDTX	Black Diamond Therap	Pair Corr
0.71	DAWN	Day One Biopharmaceu	Pair Corr
0.89	ACET	Adicet Bio	Pair Corr
0.77	SHG	Shinhan Financial Earnings Call This Week	Pair Corr
0.71	WF	Woori Financial Group Earnings Call This Week	Pair Corr

Moving against Edesa Stock

0.61	BMY	Bristol Myers Squibb Earnings Call This Week	Pair Corr
0.56	MDGL	Madrigal Pharmaceuticals	Pair Corr
0.53	MLAB	Mesa Laboratories Earnings Call This Week	Pair Corr
0.49	GILD	Gilead Sciences Earnings Call This Week	Pair Corr
0.47	PTCT	PTC Therapeutics	Pair Corr
0.39	BPMC	Blueprint Medicines Corp Sell-off Trend	Pair Corr
0.86	FNMFO	Federal National Mortgage	Pair Corr
0.73	TGNA	Tegna Inc	Pair Corr
0.55	MNPR	Monopar Therapeutics	Pair Corr
0.46	AVAL	Grupo Aval	Pair Corr
0.43	DNOW	Now Inc	Pair Corr
0.41	ITCL	Banco Ita Chile	Pair Corr
0.32	CIB	Bancolombia SA ADR	Pair Corr

Related Correlations Analysis

	SABSW	SNTI	CING	BLCM	HILS	NRBO	INDP	KTTA	QNRX	LIXT
SABSW		0.12	0.34	0.16	-0.34	-0.65	-0.42	-0.47	-0.3	0.47	SABSW
SNTI	0.12		0.2	0.06	-0.44	-0.37	-0.49	-0.58	-0.07	0.43	SNTI
CING	0.34	0.2		0.47	-0.16	-0.55	-0.4	-0.46	-0.44	0.5	CING
BLCM	0.16	0.06	0.47		0.3	-0.21	0.04	0.04	0.17	0.25	BLCM
HILS	-0.34	-0.44	-0.16	0.3		0.31	0.77	0.74	0.48	-0.29	HILS
NRBO	-0.65	-0.37	-0.55	-0.21	0.31		0.62	0.67	0.43	-0.75	NRBO
INDP	-0.42	-0.49	-0.4	0.04	0.77	0.62		0.85	0.55	-0.58	INDP
KTTA	-0.47	-0.58	-0.46	0.04	0.74	0.67	0.85		0.65	-0.59	KTTA
QNRX	-0.3	-0.07	-0.44	0.17	0.48	0.43	0.55	0.65		-0.44	QNRX
LIXT	0.47	0.43	0.5	0.25	-0.29	-0.75	-0.58	-0.59	-0.44		LIXT
	SABSW	SNTI	CING	BLCM	HILS	NRBO	INDP	KTTA	QNRX	LIXT

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

KTTA	+ 0.85	INDP
INDP	+ 0.77	HILS
KTTA	+ 0.74	HILS
KTTA	+ 0.67	NRBO
QNRX	+ 0.65	KTTA
INDP	+ 0.62	NRBO

High negative correlations

LIXT	- 0.75	NRBO
NRBO	- 0.65	SABSW
LIXT	- 0.59	KTTA
LIXT	- 0.58	INDP
KTTA	- 0.58	SNTI
NRBO	- 0.55	CING

Risk-Adjusted Indicators

There is a big difference between Edesa Stock performing well and Edesa Biotech Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Edesa Biotech's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
SABSW	20.93	3.72	0.17	0.75	18.62	(30.15)	66.27	(38.46)	214.55
SNTI	12.18	4.48	0.49	(2.87)	6.26	(15.98)	11.46	(11.96)	391.56
CING	3.54	0.23	0.02	(0.18)	3.72	(4.67)	9.27	(7.23)	38.56
BLCM	12.36	0.89	0.06	0.37	14.01	(18.85)	23.53	(20.00)	191.61
HILS	5.56	(0.33)	0.00	0.18	0.00	0.00	8.33	(7.89)	113.15
NRBO	3.85	(0.39)	0.00	(0.58)	0.00	0.00	8.05	(7.49)	34.77
INDP	3.53	(0.79)	0.00	9.07	0.00	0.00	7.95	(6.59)	33.55
KTTA	3.15	(0.75)	0.00	(1.33)	0.00	0.00	6.78	(6.98)	16.71
QNRX	5.53	(1.01)	0.00	7.96	0.00	0.00	14.29	(9.59)	58.63
LIXT	5.39	0.88	0.10	(0.60)	6.09	(7.13)	12.61	(11.60)	78.53

Edesa Biotech Corporate Management

CPA CPA	Chief Officer	Profile
BA CPA	Chief Officer	Profile
Dr MBA	President	Profile
Gary Koppenjan	VP Communications	Profile
MD FRCPC	Company CEO	Profile
Rajan Puri	VP Manufacturing	Profile
BA CA	Chief Officer	Profile

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