EDSA vs FRNM: Correlation
How closely do Edesa Biotech, Inc. (EDSA) and Freenome, Inc. (FRNM) trade together? Their weekly returns over three years give a correlation of -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EDSA and FRNM?
On 3 years of weekly data the EDSA/FRNM correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.35 lands near the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at -1414.5 %².
Out of 30 assets tracked against EDSA, FRNM lands near the bottom at #29. Their recent paths diverged sharply: over the last 12 months EDSA outperformed by 59.4 percentage points (+91.7% for EDSA against +32.3% for FRNM). Note the risk asymmetry: EDSA runs 9.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
EDSA vs FRNM: side by side
| EDSA (Edesa Biotech, Inc.) | FRNM (Freenome, Inc.) | |
|---|---|---|
| 1-year return | +91.7% | +32.3% |
| 5-year return | -87.4% | n/a |
| Volatility (ann.) | 190.4% | 21.1% |
| Beta vs S&P 500 | -0.03 | 0.03 |
| Max drawdown (3Y) | -87.3% | -29.6% |
| Market cap | – | $1.5B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EDSA | FRNM |
|---|---|---|
| 2022 | -61.6% | – |
| 2023 | -69.8% | – |
| 2024 | -63.2% | – |
| 2025 | -15.5% | +28.0% |
| 2026 | +223.9% | +7.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EDSA and FRNM good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between EDSA and FRNM?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.35 over the last year and n/a over 5 years.
Is FRNM a good diversifier for EDSA?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/edsa-vs-frnm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/edsa-vs-frnm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EDSA correlations · FRNM correlations
