Edesa Biotech Correlations

EDSA Stock

USD 2.20 0.01 0.46%

The current 90-days correlation between Edesa Biotech and Kiora Pharmaceuticals is -0.08 (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

Modest diversification

The correlation between Edesa Biotech and DJI is 0.27 (i.e., Modest 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

0.61	DYN	Dyne Therapeutics	Pair Corr
0.71	XFOR	X4 Pharmaceuticals	Pair Corr
0.81	JNJ	Johnson Johnson Fiscal Year End 28th of January 2025	Pair Corr
0.93	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.85	PFE	Pfizer Inc Fiscal Year End 4th of February 2025	Pair Corr
0.7	GOSS	Gossamer Bio	Pair Corr
0.9	INZY	Inozyme Pharma	Pair Corr
0.72	KTTA	Pasithea Therapeutics	Pair Corr
0.77	KURA	Kura Oncology	Pair Corr
0.86	PALI	Palisade Bio	Pair Corr
0.67	TERN	Terns Pharmaceuticals	Pair Corr
0.87	PPERY	Bank Mandiri Persero	Pair Corr
0.76	PPERF	Bank Mandiri Persero	Pair Corr

Moving against Edesa Stock

0.88	AMLX	Amylyx Pharmaceuticals	Pair Corr
0.8	PRAX	Praxis Precision Med	Pair Corr
0.72	AKRO	Akero Therapeutics	Pair Corr
0.67	CRNX	Crinetics Pharmaceuticals	Pair Corr
0.66	EWTX	Edgewise Therapeutics	Pair Corr
0.46	ALVO	Alvotech	Pair Corr
0.37	RNXT	RenovoRx	Pair Corr
0.35	VRDN	Viridian Therapeutics	Pair Corr
0.35	ABOS	Acumen Pharmaceuticals	Pair Corr
0.91	BAC	Bank of America Fiscal Year End 10th of January 2025	Pair Corr
0.86	JPM	JPMorgan Chase Fiscal Year End 10th of January 2025	Pair Corr
0.83	DIS	Walt Disney Aggressive Push	Pair Corr
0.83	WMT	Walmart Aggressive Push	Pair Corr
0.82	CVX	Chevron Corp Fiscal Year End 7th of February 2025	Pair Corr
0.74	RDNT	RadNet Inc	Pair Corr
0.73	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.73	TRV	The Travelers Companies Fiscal Year End 17th of January 2025	Pair Corr

Related Correlations Analysis

	KPRX	ZVSA	SONN	ZURA	PHIO	RNAZ	QNRX
KPRX		0.41	0.25	0.14	0.33	-0.33	0.21	KPRX
ZVSA	0.41		0.68	-0.08	0.34	-0.19	-0.05	ZVSA
SONN	0.25	0.68		0.03	0.55	-0.22	-0.02	SONN
ZURA	0.14	-0.08	0.03		0.25	0.54	0.29	ZURA
PHIO	0.33	0.34	0.55	0.25		0.14	-0.14	PHIO
RNAZ	-0.33	-0.19	-0.22	0.54	0.14		-0.03	RNAZ
QNRX	0.21	-0.05	-0.02	0.29	-0.14	-0.03		QNRX
	KPRX	ZVSA	SONN	ZURA	PHIO	RNAZ	QNRX

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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

SONN	+ 0.68	ZVSA
PHIO	+ 0.55	SONN
RNAZ	+ 0.54	ZURA
ZVSA	+ 0.41	KPRX
PHIO	+ 0.34	ZVSA
PHIO	+ 0.33	KPRX

High negative correlations

RNAZ	- 0.33	KPRX
RNAZ	- 0.22	SONN
RNAZ	- 0.19	ZVSA
QNRX	- 0.14	PHIO
ZURA	- 0.08	ZVSA
QNRX	- 0.05	ZVSA

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
KPRX	2.77	(0.29)	0.00	(0.26)	0.00	0.00	5.95	(4.97)	16.59
ZVSA	4.67	(0.99)	0.00	0.60	0.00	0.00	9.17	(10.36)	78.93
SONN	4.76	(0.77)	0.00	2.19	0.00	0.00	12.31	(9.79)	37.58
ZURA	3.78	(0.36)	0.00	(0.09)	0.00	0.00	7.95	(7.94)	30.69
PHIO	4.53	(0.30)	0.00	(0.18)	0.00	0.00	11.78	(10.38)	36.22
RNAZ	7.63	1.05	0.10	(0.44)	6.52	(11.84)	22.00	(11.43)	68.80
QNRX	6.21	0.47	0.07	0.37	6.73	(8.82)	17.65	(9.68)	74.46

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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