EDSA vs MODD: Correlation
Measured on weekly returns over the past three years, Edesa Biotech, Inc. (EDSA) and Modular Medical, Inc. (MODD) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EDSA and MODD?
Over the past 3 years, EDSA and MODD moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.44 versus -0.30 over 3 years. Over 5 years the correlation is -0.26, and the annualized covariance of weekly returns is -4704.6 %².
MODD is close to the least connected end of EDSA's tracked universe, ranking #28 of 30. Their recent paths diverged sharply: over the last 12 months EDSA outperformed by 175.5 percentage points (+91.7% for EDSA against -83.8% for MODD). Risk is not evenly split, since EDSA carries 2.3 times the volatility of the other side.
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 MODD: side by side
| EDSA (Edesa Biotech, Inc.) | MODD (Modular Medical, Inc.) | |
|---|---|---|
| 1-year return | +91.7% | -83.8% |
| 5-year return | -87.4% | -96.8% |
| Volatility (ann.) | 190.4% | 81.8% |
| Beta vs S&P 500 | -0.03 | 1.03 |
| Max drawdown (3Y) | -87.3% | -97.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EDSA | MODD |
|---|---|---|
| 2022 | -61.6% | – |
| 2023 | -69.8% | -9.0% |
| 2024 | -63.2% | -24.7% |
| 2025 | -15.5% | -73.4% |
| 2026 | +223.9% | -66.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EDSA and MODD good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EDSA and MODD?
As of 2026-08-27, the correlation of weekly returns between EDSA and MODD is -0.30 over 3 years, -0.44 over 1 year and -0.26 over 5 years.
Is MODD a good diversifier for EDSA?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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-modd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/edsa-vs-modd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EDSA correlations · MODD correlations
