EDSA vs MMSI: Correlation
Edesa Biotech, Inc. (EDSA) and Merit Medical Systems, Inc. (MMSI) show a negative relationship: their 3-year correlation of weekly returns is -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EDSA and MMSI?
On 3 years of weekly data the EDSA/MMSI correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.44) runs below the 3-year figure (-0.29). The 5-year figure is -0.13, and annualized covariance runs at -1367.9 %².
MMSI is close to the least connected end of EDSA's tracked universe, ranking #27 of 30. The last year tells two different stories: EDSA led by 93.1 percentage points, +91.7% for EDSA against -1.4% for MMSI. Note the risk asymmetry: EDSA runs 7.7 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 MMSI: side by side
| EDSA (Edesa Biotech, Inc.) | MMSI (Merit Medical Systems, Inc.) | |
|---|---|---|
| 1-year return | +91.7% | -1.4% |
| 5-year return | -87.4% | +25.2% |
| Volatility (ann.) | 190.4% | 24.7% |
| Beta vs S&P 500 | -0.03 | 0.50 |
| Max drawdown (3Y) | -87.3% | -45.3% |
| Market cap | – | $5.3B |
| P/E (trailing) | – | 37.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EDSA | MMSI |
|---|---|---|
| 2022 | -61.6% | +13.4% |
| 2023 | -69.8% | +7.6% |
| 2024 | -63.2% | +27.3% |
| 2025 | -15.5% | -8.9% |
| 2026 | +223.9% | +1.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EDSA and MMSI good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EDSA and MMSI?
The EDSA/MMSI correlation stands at -0.29 on a 3-year window (1 year: -0.44, 5 years: -0.13), computed from weekly returns as of 2026-08-27.
Is MMSI a good diversifier for EDSA?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 mean?
A reading of -0.29 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: EDSA correlations · MMSI correlations
