AVIR vs XBI: Correlation
Atea Pharmaceuticals, Inc. (AVIR) and SPDR S&P Biotech ETF (XBI) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVIR and XBI?
On 3 years of weekly data the AVIR/XBI correlation comes out at 0.41, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.29 versus 0.41 over 3 years. The 5-year figure is 0.35, and annualized covariance runs at 542.4 %².
In AVIR's tracked universe of 13 assets, XBI sits right near the top at #2. Their recent paths diverged sharply: over the last 12 months XBI outperformed by 35.8 percentage points (+51.4% for AVIR against +87.2% for XBI). Risk is not evenly split, since AVIR carries 1.7 times the volatility of the other side.
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.
AVIR vs XBI: side by side
| AVIR (Atea Pharmaceuticals, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +51.4% | +87.2% |
| 5-year return | -82.1% | +28.6% |
| Volatility (ann.) | 48.3% | 27.7% |
| Beta vs S&P 500 | 0.73 | 1.09 |
| Max drawdown (3Y) | -44.1% | -33.0% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | AVIR | XBI |
|---|---|---|
| 2022 | -46.2% | -25.9% |
| 2023 | -36.6% | +7.6% |
| 2024 | +9.8% | +1.0% |
| 2025 | +6.6% | +35.9% |
| 2026 | +52.7% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVIR and XBI good diversifiers for each other?
Reasonably. At 0.41, AVIR and XBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AVIR and XBI?
As of 2026-08-27, the correlation of weekly returns between AVIR and XBI is 0.41 over 3 years, 0.29 over 1 year and 0.35 over 5 years.
Is XBI a good diversifier for AVIR?
Reasonably. At 0.41, AVIR and XBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 mean?
A reading of 0.41 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/avir-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/avir-vs-xbi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AVIR correlations · XBI correlations
