BHVN vs XBI: Correlation
How closely do Biohaven Ltd. (BHVN) and SPDR S&P Biotech ETF (XBI) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHVN and XBI?
Over the past 3 years, BHVN and XBI moved with a correlation of 0.52, which is moderate. Little has changed lately, as the 1-year reading of 0.59 lands near the 3-year figure. Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 1115.7 %².
XBI is one of the assets that tracks BHVN most closely: it ranks #2 out of the 10 assets we track against BHVN. The last year tells two different stories: XBI led by 83.9 percentage points, +3.3% for BHVN against +87.2% for XBI. One caveat on sizing: BHVN is 2.8 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.
BHVN vs XBI: side by side
| BHVN (Biohaven Ltd.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +3.3% | +87.2% |
| 5-year return | n/a | +28.6% |
| Volatility (ann.) | 78.0% | 27.7% |
| Beta vs S&P 500 | 1.60 | 1.09 |
| Max drawdown (3Y) | -87.0% | -33.0% |
| Market cap | $2.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | BHVN | XBI |
|---|---|---|
| 2022 | – | -25.9% |
| 2023 | +208.4% | +7.6% |
| 2024 | -12.7% | +1.0% |
| 2025 | -69.8% | +35.9% |
| 2026 | +42.8% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHVN and XBI good diversifiers for each other?
To a limited degree. At 0.52 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between BHVN and XBI?
The BHVN/XBI correlation stands at 0.52 on a 3-year window (1 year: 0.59, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is XBI a good diversifier for BHVN?
To a limited degree. At 0.52 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 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
$ curl https://www.pairbook.io/api/v1/pairs/bhvn-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bhvn-vs-xbi/)
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Related comparisons
Hubs: BHVN correlations · XBI correlations
