Edesa Biotech Correlations

EDSA Stock

USD 2.20 0.03 1.35%

The current 90-days correlation between Edesa Biotech and Cingulate is -0.11 (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

Average diversification

The correlation between Edesa Biotech and DJI is 0.11 (i.e., Average 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

0.66	VALN	Valneva SE ADR	Pair Corr
0.62	VRTX	Vertex Pharmaceuticals Sell-off Trend	Pair Corr

Moving against Edesa Stock

0.68	DRTS	Alpha Tau Medical	Pair Corr
0.59	SABSW	SAB Biotherapeutics	Pair Corr
0.58	ME	23Andme Holding	Pair Corr
0.57	VERA	Vera Therapeutics	Pair Corr
0.56	A	Agilent Technologies	Pair Corr
0.56	VINC	Vincerx Pharma	Pair Corr
0.55	VCYT	Veracyte	Pair Corr
0.54	VCEL	Vericel Corp Ord	Pair Corr
0.49	CDIOW	Cardio Diagnostics	Pair Corr
0.48	DNLI	Denali Therapeutics	Pair Corr
0.47	VANI	Vivani Medical	Pair Corr
0.4	VKTX	Viking Therapeutics	Pair Corr
0.62	VYGR	Voyager Therapeutics	Pair Corr
0.52	VYNE	Vyne Therapeutics	Pair Corr
0.5	VTYX	Ventyx Biosciences	Pair Corr
0.48	VRPX	Virpax Pharmaceuticals	Pair Corr
0.48	ELEV	Elevation Oncology	Pair Corr
0.46	VRAX	Virax Biolabs Group	Pair Corr
0.46	VRDN	Viridian Therapeutics	Pair Corr
0.46	ELAN	Elanco Animal Health	Pair Corr
0.45	VTRS	Viatris Sell-off Trend	Pair Corr
0.4	VXRT	Vaxart Inc	Pair Corr
0.34	VRCA	Verrica Pharmaceuticals	Pair Corr
0.32	ELDN	Eledon Pharmaceuticals	Pair Corr

Related Correlations Analysis

	SABSW	SNTI	CING	BLCM	HILS	NRBO	INDP	KTTA	QNRX	LIXT
SABSW		0.55	0.61	0.0	0.0	-0.25	0.42	0.79	0.26	0.83	SABSW
SNTI	0.55		0.8	0.0	0.0	-0.26	0.67	0.73	0.5	0.75	SNTI
CING	0.61	0.8		0.0	0.0	-0.13	0.53	0.86	0.55	0.8	CING
BLCM	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	BLCM
HILS	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	HILS
NRBO	-0.25	-0.26	-0.13	0.0	0.0		-0.41	-0.18	-0.22	-0.24	NRBO
INDP	0.42	0.67	0.53	0.0	0.0	-0.41		0.57	0.53	0.6	INDP
KTTA	0.79	0.73	0.86	0.0	0.0	-0.18	0.57		0.58	0.87	KTTA
QNRX	0.26	0.5	0.55	0.0	0.0	-0.22	0.53	0.58		0.57	QNRX
LIXT	0.83	0.75	0.8	0.0	0.0	-0.24	0.6	0.87	0.57		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

LIXT	+ 0.87	KTTA
KTTA	+ 0.86	CING
LIXT	+ 0.83	SABSW
CING	+ 0.8	SNTI
LIXT	+ 0.8	CING
KTTA	+ 0.79	SABSW

High negative correlations

INDP	- 0.41	NRBO
NRBO	- 0.26	SNTI
NRBO	- 0.25	SABSW
LIXT	- 0.24	NRBO
QNRX	- 0.22	NRBO
KTTA	- 0.18	NRBO

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	14.04	0.55	0.03	0.53	16.35	(21.52)	36.36	(26.67)	152.05
SNTI	4.08	(0.27)	0.00	(0.54)	0.00	0.00	10.07	(6.54)	33.30
CING	2.53	(0.34)	0.00	(0.76)	0.00	0.00	4.82	(4.53)	15.66
BLCM	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
HILS	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NRBO	2.68	(0.61)	0.00	1.66	0.00	0.00	6.45	(4.55)	11.00
INDP	3.66	(0.95)	0.00	(2.67)	0.00	0.00	5.48	(8.33)	21.73
KTTA	5.69	(0.44)	0.00	0.48	0.00	0.00	12.17	(10.75)	53.63
QNRX	5.90	(1.80)	0.00	6.55	0.00	0.00	9.78	(13.62)	60.29
LIXT	4.55	(1.07)	0.00	(2.22)	0.00	0.00	8.18	(12.14)	29.20

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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