Edesa Biotech Correlations

EDSA Stock

USD 1.14 0.09 7.32%

The current 90-days correlation between Edesa Biotech and BioRestorative Therapies is 0.05 (i.e., Significant 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

Excellent diversification

The correlation between Edesa Biotech and DJI is -0.7 (i.e., Excellent 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.

Build AI portfolio with Edesa Stock

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 main economic indicators.

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

Moving together with Edesa Stock

0.79	DWTX	Dogwood Therapeutics	Pair Corr
0.82	EDIT	Editas Medicine	Pair Corr
0.66	EVGN	Evogene	Pair Corr
0.83	ABP	Abpro Holdings	Pair Corr
0.71	QSI	QuantumSi	Pair Corr
0.76	GNLX	Genelux Common	Pair Corr
0.83	IMRN	Immuron Ltd ADR	Pair Corr
0.66	KURA	Kura Oncology	Pair Corr
0.73	LYRA	Lyra Therapeutics	Pair Corr
0.9	MBIO	Mustang Bio	Pair Corr
0.65	MREO	Mereo BioPharma Group	Pair Corr
0.75	PRQR	ProQR Therapeutics	Pair Corr
0.83	ACXP	Acurx Pharmaceuticals LLC	Pair Corr

Moving against Edesa Stock

0.78	IMMP	Immutep Ltd ADR	Pair Corr
0.7	DSGN	Design Therapeutics	Pair Corr
0.67	ENGN	enGene Holdings Common	Pair Corr
0.51	KYTX	Kyverna Therapeutics	Pair Corr
0.48	63E	ONWARD MEDICAL BV	Pair Corr
0.77	ANNX	Annexon	Pair Corr
0.69	AVE	Avecho Biotechnology	Pair Corr
0.68	MRKR	Marker Therapeutics	Pair Corr
0.63	SLDB	Solid Biosciences LLC	Pair Corr
0.53	BOLT	Bolt Biotherapeutics	Pair Corr
0.52	AVCR	Avricore Health	Pair Corr
0.39	SVRA	Savara Inc Downward Rally	Pair Corr
0.37	RCKT	Rocket Pharmaceuticals	Pair Corr
0.82	SMFG	Sumitomo Mitsui Financial	Pair Corr
0.82	SMFNF	Sumitomo Mitsui Financial	Pair Corr
0.81	MFG	Mizuho Financial	Pair Corr
0.76	DBVT	DBV Technologies	Pair Corr

Related Correlations Analysis

	BRTX	DWTX	COCP	OSRH	TRAW	IMRN	ERNA	EVGN	SNSE	IMNN
BRTX		0.18	0.35	-0.25	0.02	0.47	0.82	0.73	0.06	0.45	BRTX
DWTX	0.18		-0.18	-0.24	0.28	0.69	0.51	0.42	-0.68	0.69	DWTX
COCP	0.35	-0.18		0.37	0.04	0.11	0.35	0.34	0.51	0.37	COCP
OSRH	-0.25	-0.24	0.37		0.33	0.02	-0.13	-0.21	0.36	-0.03	OSRH
TRAW	0.02	0.28	0.04	0.33		0.58	0.23	0.26	-0.29	0.26	TRAW
IMRN	0.47	0.69	0.11	0.02	0.58		0.7	0.66	-0.42	0.61	IMRN
ERNA	0.82	0.51	0.35	-0.13	0.23	0.7		0.76	-0.17	0.68	ERNA
EVGN	0.73	0.42	0.34	-0.21	0.26	0.66	0.76		-0.09	0.63	EVGN
SNSE	0.06	-0.68	0.51	0.36	-0.29	-0.42	-0.17	-0.09		-0.25	SNSE
IMNN	0.45	0.69	0.37	-0.03	0.26	0.61	0.68	0.63	-0.25		IMNN
	BRTX	DWTX	COCP	OSRH	TRAW	IMRN	ERNA	EVGN	SNSE	IMNN

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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

ERNA	+ 0.82	BRTX
EVGN	+ 0.76	ERNA
EVGN	+ 0.73	BRTX
ERNA	+ 0.7	IMRN
IMRN	+ 0.69	DWTX
IMNN	+ 0.69	DWTX

High negative correlations

SNSE	- 0.68	DWTX
SNSE	- 0.42	IMRN
SNSE	- 0.29	TRAW
IMNN	- 0.25	SNSE
OSRH	- 0.25	BRTX
OSRH	- 0.24	DWTX

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
BRTX	2.95	(0.58)	0.00	(0.25)	0.00	0.00	6.36	(6.36)	37.70
DWTX	4.65	(1.03)	0.00	(0.69)	0.00	0.00	7.72	(11.30)	33.43
COCP	2.43	(0.24)	0.00	(0.08)	0.00	0.00	6.67	(5.41)	15.98
OSRH	6.19	(0.01)	0.01	0.05	6.32	(7.98)	15.25	(10.77)	43.23
TRAW	6.95	0.05	0.00	(0.16)	8.74	(8.54)	17.70	(12.90)	58.96
IMRN	4.27	(1.15)	0.00	3.44	0.00	0.00	5.88	(12.72)	36.62
ERNA	4.34	(1.04)	0.00	(0.52)	0.00	0.00	6.90	(7.91)	41.43
EVGN	2.55	(0.19)	0.00	(0.12)	0.00	0.00	4.20	(5.22)	21.74
SNSE	5.27	0.02	0.01	0.07	5.78	(6.57)	17.33	(10.69)	36.61
IMNN	3.14	(0.47)	0.00	13.82	0.00	0.00	6.74	(6.59)	21.83

Edesa Biotech Corporate Management

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

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