EDSA vs XWEL: Correlation
Measured on weekly returns over the past three years, Edesa Biotech, Inc. (EDSA) and XWELL, Inc. (XWEL) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EDSA and XWEL?
On 3 years of weekly data the EDSA/XWEL correlation comes out at 0.47, moderate. Recent behaviour matches the longer record: 0.52 over 1 year against 0.47 over 3. The 5-year figure is 0.42, and annualized covariance runs at 17017.4 %².
Within EDSA's tracked universe of 30 assets, XWEL comes in at #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months EDSA outperformed by 99.2 percentage points (+91.7% for EDSA against -7.5% for XWEL).
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 XWEL: side by side
| EDSA (Edesa Biotech, Inc.) | XWEL (XWELL, Inc.) | |
|---|---|---|
| 1-year return | +91.7% | -7.5% |
| 5-year return | -87.4% | -97.2% |
| Volatility (ann.) | 190.4% | 188.4% |
| Beta vs S&P 500 | -0.03 | 0.41 |
| Max drawdown (3Y) | -87.3% | -92.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EDSA | XWEL |
|---|---|---|
| 2022 | -61.6% | -82.2% |
| 2023 | -69.8% | -75.8% |
| 2024 | -63.2% | -13.2% |
| 2025 | -15.5% | -69.5% |
| 2026 | +223.9% | +115.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EDSA and XWEL good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between EDSA and XWEL?
The EDSA/XWEL correlation stands at 0.47 on a 3-year window (1 year: 0.52, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is XWEL a good diversifier for EDSA?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/edsa-vs-xwel.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/edsa-vs-xwel/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EDSA correlations · XWEL correlations
