ALKS vs XBI: Correlation
Measured on weekly returns over the past three years, Alkermes plc (ALKS) and SPDR S&P Biotech ETF (XBI) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALKS and XBI?
Over the past 3 years, ALKS and XBI moved with a correlation of 0.46, which is moderate. Little has changed lately, as the 1-year reading of 0.46 lands near the 3-year figure. Over 5 years the correlation is 0.42, and the annualized covariance of weekly returns is 494.9 %².
In ALKS's tracked universe of 11 assets, XBI sits right near the top at #1. Correlation aside, the last 12 months split them widely, with XBI ahead by 20.0 points (+67.2% versus +87.2%).
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.
ALKS vs XBI: side by side
| ALKS (Alkermes plc) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +67.2% | +87.2% |
| 5-year return | +55.7% | +28.6% |
| Volatility (ann.) | 39.0% | 27.7% |
| Beta vs S&P 500 | 0.62 | 1.09 |
| Max drawdown (3Y) | -29.3% | -33.0% |
| Market cap | $8.2B | – |
| P/E (trailing) | 128.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | ALKS | XBI |
|---|---|---|
| 2022 | +12.3% | -25.9% |
| 2023 | +6.2% | +7.6% |
| 2024 | +3.7% | +1.0% |
| 2025 | -2.7% | +35.9% |
| 2026 | +74.8% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALKS and XBI good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ALKS and XBI?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.46 over the last year and 0.42 over 5 years.
Is XBI a good diversifier for ALKS?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 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/alks-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/alks-vs-xbi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ALKS correlations · XBI correlations
