Edesa Biotech Correlations
| EDSA Stock | USD 2.47 0.01 0.41% |
The current 90-days correlation between Edesa Biotech and Cingulate is -0.06 (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 0.13 (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.
Edesa |
Moving together with Edesa Stock
| 0.66 | CMRX | Chimerix Sell-off Trend | PairCorr |
| 0.73 | CPIX | Cumberland Pharmaceuticals | PairCorr |
| 0.7 | FNA | Paragon 28 | PairCorr |
| 0.72 | INMD | InMode | PairCorr |
| 0.81 | LUCD | Lucid Diagnostics Buyout Trend | PairCorr |
| 0.71 | NVRO | Nevro Corp | PairCorr |
Moving against Edesa Stock
| 0.64 | EYEN | Eyenovia | PairCorr |
| 0.64 | MOLN | Molecular Partners | PairCorr |
| 0.59 | CLDX | Celldex Therapeutics | PairCorr |
| 0.54 | CRNX | Crinetics Pharmaceuticals | PairCorr |
| 0.52 | GKOS | Glaukos Corp | PairCorr |
| 0.44 | SNDL | SNDL Inc | PairCorr |
| 0.42 | CRVS | Corvus Pharmaceuticals | PairCorr |
| 0.39 | ELMD | Electromed | PairCorr |
| 0.38 | IPA | Immunoprecise Antibodies | PairCorr |
| 0.61 | MODD | Modular Medical | PairCorr |
| 0.57 | SGHT | Sight Sciences | PairCorr |
| 0.56 | APYX | Apyx Medical | PairCorr |
| 0.49 | LIVN | LivaNova PLC | PairCorr |
| 0.48 | OTRK | Ontrak Inc | PairCorr |
| 0.42 | ITGR | Integer Holdings Corp | PairCorr |
| 0.41 | MDAI | Spectral AI | PairCorr |
| 0.67 | CNMD | CONMED | PairCorr |
| 0.64 | SRDX | SurModics | PairCorr |
| 0.61 | KB | KB Financial Group | PairCorr |
| 0.34 | RKV | Rakovina Therapeutics | PairCorr |
Related Correlations Analysis
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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
| High negative correlations
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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 | 19.58 | 3.04 | 0.13 | 14.62 | 18.39 | 50.19 | 214.55 | |||
| SNTI | 4.54 | (0.35) | 0.00 | (0.49) | 0.00 | 10.89 | 33.30 | |||
| CING | 2.79 | (0.10) | 0.00 | (0.47) | 0.00 | 4.82 | 24.40 | |||
| BLCM | 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 | |||
| NRBO | 3.99 | (0.58) | 0.00 | 0.34 | 0.00 | 8.05 | 25.83 | |||
| INDP | 3.23 | (0.30) | 0.00 | 89.34 | 0.00 | 6.32 | 20.25 | |||
| KTTA | 4.90 | (0.91) | 0.00 | (0.53) | 0.00 | 8.14 | 53.63 | |||
| QNRX | 5.50 | (1.14) | 0.00 | 2.46 | 0.00 | 14.29 | 57.78 | |||
| LIXT | 4.89 | (0.55) | 0.00 | 0.49 | 0.00 | 11.55 | 33.08 |