ASND vs XBI: Correlation
Ascendis Pharma A/S (ASND) and SPDR S&P Biotech ETF (XBI) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASND and XBI?
Over the past 3 years, ASND and XBI moved with a correlation of 0.42, which is moderate. The link has tightened recently: the 1-year correlation (0.59) runs above the 3-year figure (0.42). Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 467.5 %².
XBI is one of the assets that tracks ASND most closely: it ranks #1 out of the 11 assets we track against ASND. The last year tells two different stories: XBI led by 58.0 percentage points, +29.2% for ASND against +87.2% for XBI.
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.
ASND vs XBI: side by side
| ASND (Ascendis Pharma A/S) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +29.2% | +87.2% |
| 5-year return | +61.6% | +28.6% |
| Volatility (ann.) | 40.2% | 27.7% |
| Beta vs S&P 500 | 0.69 | 1.09 |
| Max drawdown (3Y) | -29.2% | -33.0% |
| Market cap | $16.4B | – |
| P/E (trailing) | 19.1 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | ASND | XBI |
|---|---|---|
| 2022 | -9.2% | -25.9% |
| 2023 | +3.1% | +7.6% |
| 2024 | +9.3% | +1.0% |
| 2025 | +54.9% | +35.9% |
| 2026 | +16.9% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASND and XBI good diversifiers for each other?
Reasonably. At 0.42, ASND and XBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ASND and XBI?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.59 over the last year and 0.47 over 5 years.
Is XBI a good diversifier for ASND?
Reasonably. At 0.42, ASND and XBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ASND correlations · XBI correlations
