EDSA vs MNKD: Correlation
How closely do Edesa Biotech, Inc. (EDSA) and MannKind Corporation (MNKD) 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 MNKD?
Across a 3-year window, the weekly returns of EDSA and MNKD correlate at -0.31, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.48) runs below the 3-year figure (-0.31). Stretching to 5 years gives -0.15, with an annualized covariance of -3383.7 %².
Among the 30 assets we track against EDSA, MNKD sits near the bottom by co-movement, at rank #30. Correlation aside, the last 12 months split them widely, with EDSA ahead by 101.9 points (+91.7% versus -10.2%). One caveat on sizing: EDSA is 3.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 MNKD: side by side
| EDSA (Edesa Biotech, Inc.) | MNKD (MannKind Corporation) | |
|---|---|---|
| 1-year return | +91.7% | -10.2% |
| 5-year return | -87.4% | -13.8% |
| Volatility (ann.) | 190.4% | 57.7% |
| Beta vs S&P 500 | -0.03 | 1.17 |
| Max drawdown (3Y) | -87.3% | -69.4% |
| Market cap | – | $1.3B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EDSA | MNKD |
|---|---|---|
| 2022 | -61.6% | +20.6% |
| 2023 | -69.8% | -30.9% |
| 2024 | -63.2% | +76.6% |
| 2025 | -15.5% | -11.8% |
| 2026 | +223.9% | -28.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EDSA and MNKD good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EDSA and MNKD?
The EDSA/MNKD correlation stands at -0.31 on a 3-year window (1 year: -0.48, 5 years: -0.15), computed from weekly returns as of 2026-08-27.
Is MNKD a good diversifier for EDSA?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
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
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[](https://www.pairbook.io/pair/edsa-vs-mnkd/)
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Related comparisons
Hubs: EDSA correlations · MNKD correlations
