EDSA vs WLDN: Correlation
Edesa Biotech, Inc. (EDSA) and Willdan Group, Inc. (WLDN) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EDSA and WLDN?
On 3 years of weekly data the EDSA/WLDN correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.41) runs below the 3-year figure (-0.22). The 5-year figure is -0.13, and annualized covariance runs at -2181.9 %².
By 3-year correlation, WLDN places #21 of the 30 assets tracked against EDSA. The last year tells two different stories: EDSA led by 116.1 percentage points, +91.7% for EDSA against -24.4% for WLDN. Note the risk asymmetry: EDSA runs 3.6 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 WLDN: side by side
| EDSA (Edesa Biotech, Inc.) | WLDN (Willdan Group, Inc.) | |
|---|---|---|
| 1-year return | +91.7% | -24.4% |
| 5-year return | -87.4% | +134.3% |
| Volatility (ann.) | 190.4% | 52.6% |
| Beta vs S&P 500 | -0.03 | 0.98 |
| Max drawdown (3Y) | -87.3% | -50.4% |
| Market cap | – | $1.3B |
| P/E (trailing) | – | 20.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EDSA | WLDN |
|---|---|---|
| 2022 | -61.6% | -49.3% |
| 2023 | -69.8% | +20.4% |
| 2024 | -63.2% | +77.2% |
| 2025 | -15.5% | +172.1% |
| 2026 | +223.9% | -15.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EDSA and WLDN good diversifiers for each other?
Yes. With a correlation of -0.22, EDSA and WLDN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EDSA and WLDN?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.41 over the last year and -0.13 over 5 years.
Is WLDN a good diversifier for EDSA?
Yes. With a correlation of -0.22, EDSA and WLDN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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-wldn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/edsa-vs-wldn/)
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Related comparisons
Hubs: EDSA correlations · WLDN correlations
