BDTX vs XBI: Correlation
Measured on weekly returns over the past three years, Black Diamond Therapeutics, Inc. (BDTX) and SPDR S&P Biotech ETF (XBI) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDTX and XBI?
Across a 3-year window, the weekly returns of BDTX and XBI correlate at 0.46, moderate. Recent behaviour matches the longer record: 0.52 over 1 year against 0.46 over 3. Stretching to 5 years gives 0.34, with an annualized covariance of 1068.7 %².
Among the 11 assets we track against BDTX, XBI ranks #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XBI ahead by 108.1 points (-20.9% versus +87.2%). Note the risk asymmetry: BDTX runs 3.0 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.
BDTX vs XBI: side by side
| BDTX (Black Diamond Therapeutics, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | -20.9% | +87.2% |
| 5-year return | -77.0% | +28.6% |
| Volatility (ann.) | 83.4% | 27.7% |
| Beta vs S&P 500 | 2.26 | 1.09 |
| Max drawdown (3Y) | -83.1% | -33.0% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | BDTX | XBI |
|---|---|---|
| 2022 | -66.2% | -25.9% |
| 2023 | +56.1% | +7.6% |
| 2024 | -23.8% | +1.0% |
| 2025 | +13.6% | +35.9% |
| 2026 | -6.6% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDTX and XBI good diversifiers for each other?
Reasonably. At 0.46, BDTX and XBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BDTX and XBI?
The BDTX/XBI correlation stands at 0.46 on a 3-year window (1 year: 0.52, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is XBI a good diversifier for BDTX?
Reasonably. At 0.46, BDTX and XBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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.
Use this data
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Related comparisons
Hubs: BDTX correlations · XBI correlations
