BIIB vs XLV: Correlation
Measured on weekly returns over the past three years, Biogen (BIIB) and Health Care Select Sector SPDR Fund (XLV) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BIIB and XLV?
Over the past 3 years, BIIB and XLV moved with a correlation of 0.57, which is moderate. The relationship has been stable: the 1-year correlation (0.55) sits close to the 3-year figure. Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 253.1 %².
In BIIB's tracked universe of 32 assets, XLV sits right near the top at #2. Correlation aside, the last 12 months split them widely, with BIIB ahead by 34.9 points (+62.4% versus +27.5%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.19 to 0.73. Note the risk asymmetry: BIIB runs 2.0 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.
BIIB vs XLV: side by side
| BIIB (Biogen) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +62.4% | +27.5% |
| 5-year return | -35.7% | +37.4% |
| Volatility (ann.) | 30.1% | 14.7% |
| Beta vs S&P 500 | 0.53 | 0.42 |
| Max drawdown (3Y) | -57.7% | -17.1% |
| Market cap | $32.7B | – |
| P/E (trailing) | 39.2 | – |
| Dividend yield | 0.00% | 1.56% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $41.7B |
| Sector / category | Health Care | Sector ETF |
On the fund side, XLV sits in the Health category at State Street Investment Management, with $41.7B under management, 61 holdings, a 0.08% expense ratio, a 1.56% trailing dividend yield.
Year-by-year returns
| Year | BIIB | XLV |
|---|---|---|
| 2022 | +15.4% | -2.1% |
| 2023 | -6.6% | +2.1% |
| 2024 | -40.9% | +2.5% |
| 2025 | +15.1% | +14.5% |
| 2026 | +25.9% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.52% of XLV is BIIB itself, so the fund partly moves with the stock by construction.
Are BIIB and XLV good diversifiers for each other?
To a limited degree. At 0.57 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 BIIB and XLV?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.55 over the last year and 0.47 over 5 years.
Is XLV a good diversifier for BIIB?
To a limited degree. At 0.57 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 0.57 mean?
A reading of 0.57 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/biib-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/biib-vs-xlv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BIIB correlations · XLV correlations
