ALVO vs XBP: Correlation
How closely do Alvotech (ALVO) and XBP Global Holdings, Inc. (XBP) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALVO and XBP?
Over the past 3 years, ALVO and XBP moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.27 over 1 year against -0.22 over 3. Over 5 years the correlation is -0.17, and the annualized covariance of weekly returns is -1721.1 %².
Among the 12 assets we track against ALVO, XBP sits near the bottom by co-movement, at rank #9. The trailing year gives ALVO the advantage: -39.2% versus -52.2%, a 13.0-point spread. One caveat on sizing: XBP is 2.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ALVO vs XBP: side by side
| ALVO (Alvotech) | XBP (XBP Global Holdings, Inc.) | |
|---|---|---|
| 1-year return | -39.2% | -52.2% |
| 5-year return | -56.4% | -97.1% |
| Volatility (ann.) | 52.8% | 145.1% |
| Beta vs S&P 500 | 0.81 | -0.32 |
| Max drawdown (3Y) | -82.6% | -99.5% |
| Market cap | $1.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALVO | XBP |
|---|---|---|
| 2022 | – | +4.3% |
| 2023 | +14.8% | -49.1% |
| 2024 | +15.2% | -79.4% |
| 2025 | -61.2% | -37.5% |
| 2026 | -4.9% | -57.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALVO and XBP good diversifiers for each other?
Yes. With a correlation of -0.22, ALVO and XBP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ALVO and XBP?
The ALVO/XBP correlation stands at -0.22 on a 3-year window (1 year: -0.27, 5 years: -0.17), computed from weekly returns as of 2026-08-27.
Is XBP a good diversifier for ALVO?
Yes. With a correlation of -0.22, ALVO and XBP 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.
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Related comparisons
Hubs: ALVO correlations · XBP correlations
