EDSA vs MRDN: Correlation
Measured on weekly returns over the past three years, Edesa Biotech, Inc. (EDSA) and Meridian Holdings Inc. (MRDN) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EDSA and MRDN?
On 3 years of weekly data the EDSA/MRDN correlation comes out at 0.38, moderate. The past 12 months show a tighter link (0.54) than the 3-year average (0.38). The 5-year figure is 0.36, and annualized covariance runs at 6539.7 %².
By 3-year correlation, MRDN places #11 of the 30 assets tracked against EDSA. Their recent paths diverged sharply: over the last 12 months EDSA outperformed by 101.3 percentage points (+91.7% for EDSA against -9.6% for MRDN). Note the risk asymmetry: EDSA runs 2.1 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 MRDN: side by side
| EDSA (Edesa Biotech, Inc.) | MRDN (Meridian Holdings Inc.) | |
|---|---|---|
| 1-year return | +91.7% | -9.6% |
| 5-year return | -87.4% | -82.1% |
| Volatility (ann.) | 190.4% | 89.9% |
| Beta vs S&P 500 | -0.03 | 0.53 |
| Max drawdown (3Y) | -87.3% | -91.7% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EDSA | MRDN |
|---|---|---|
| 2022 | -61.6% | -60.4% |
| 2023 | -69.8% | -5.1% |
| 2024 | -63.2% | -17.8% |
| 2025 | -15.5% | -59.5% |
| 2026 | +223.9% | +45.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EDSA and MRDN good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EDSA and MRDN?
As of 2026-08-27, the correlation of weekly returns between EDSA and MRDN is 0.38 over 3 years, 0.54 over 1 year and 0.36 over 5 years.
Is MRDN a good diversifier for EDSA?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 mean?
A reading of 0.38 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/edsa-vs-mrdn.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/edsa-vs-mrdn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EDSA correlations · MRDN correlations
