ANNX vs XBI: Correlation
Annexon, Inc. (ANNX) and SPDR S&P Biotech ETF (XBI) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ANNX and XBI?
On 3 years of weekly data the ANNX/XBI correlation comes out at 0.47, moderate. The link has loosened recently: the 1-year correlation (0.32) runs below the 3-year figure (0.47). The 5-year figure is 0.39, and annualized covariance runs at 1208.8 %².
In ANNX's tracked universe of 13 assets, XBI sits right near the top at #2. Correlation aside, the last 12 months split them widely, with ANNX ahead by 61.6 points (+148.8% versus +87.2%). Note the risk asymmetry: ANNX runs 3.4 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.
ANNX vs XBI: side by side
| ANNX (Annexon, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +148.8% | +87.2% |
| 5-year return | -68.9% | +28.6% |
| Volatility (ann.) | 92.8% | 27.7% |
| Beta vs S&P 500 | 1.72 | 1.09 |
| Max drawdown (3Y) | -82.3% | -33.0% |
| Market cap | $1.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | ANNX | XBI |
|---|---|---|
| 2022 | -55.0% | -25.9% |
| 2023 | -12.2% | +7.6% |
| 2024 | +13.0% | +1.0% |
| 2025 | -2.1% | +35.9% |
| 2026 | +4.6% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ANNX and XBI good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ANNX and XBI?
As of 2026-08-27, the correlation of weekly returns between ANNX and XBI is 0.47 over 3 years, 0.32 over 1 year and 0.39 over 5 years.
Is XBI a good diversifier for ANNX?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
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/annx-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/annx-vs-xbi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ANNX correlations · XBI correlations
