BCAB vs XBI: Correlation
How closely do BioAtla, Inc. (BCAB) and SPDR S&P Biotech ETF (XBI) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCAB and XBI?
Over the past 3 years, BCAB and XBI moved with a correlation of 0.53, which is moderate. The past 12 months show a weaker link (0.32) than the 3-year average (0.53). Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 1743.3 %².
XBI is one of the assets that tracks BCAB most closely: it ranks #1 out of the 11 assets we track against BCAB. Their recent paths diverged sharply: over the last 12 months XBI outperformed by 173.2 percentage points (-86.0% for BCAB against +87.2% for XBI). One caveat on sizing: BCAB is 4.3 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.
BCAB vs XBI: side by side
| BCAB (BioAtla, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | -86.0% | +87.2% |
| 5-year return | -99.8% | +28.6% |
| Volatility (ann.) | 119.3% | 27.7% |
| Beta vs S&P 500 | 2.75 | 1.09 |
| Max drawdown (3Y) | -98.4% | -33.0% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | BCAB | XBI |
|---|---|---|
| 2022 | -58.0% | -25.9% |
| 2023 | -70.2% | +7.6% |
| 2024 | -76.0% | +1.0% |
| 2025 | -3.9% | +35.9% |
| 2026 | -88.9% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCAB and XBI good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BCAB and XBI?
The BCAB/XBI correlation stands at 0.53 on a 3-year window (1 year: 0.32, 5 years: 0.48), computed from weekly returns as of 2026-08-27.
Is XBI a good diversifier for BCAB?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 mean?
On the −1 to +1 scale, 0.53 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: BCAB correlations · XBI correlations
