BTCT vs XBI: Correlation
How closely do BTC Digital Ltd. (BTCT) and SPDR S&P Biotech ETF (XBI) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTCT and XBI?
Across a 3-year window, the weekly returns of BTCT and XBI correlate at -0.21, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.19) runs above the 3-year figure (-0.21). Stretching to 5 years gives -0.11, with an annualized covariance of -3274.5 %².
Within BTCT's tracked universe of 52 assets, XBI comes in at #24 by 3-year correlation. The last year tells two different stories: XBI led by 107.4 percentage points, -20.2% for BTCT against +87.2% for XBI. Note the risk asymmetry: BTCT runs 20.6 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.
BTCT vs XBI: side by side
| BTCT (BTC Digital Ltd.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | -20.2% | +87.2% |
| 5-year return | -99.5% | +28.6% |
| Volatility (ann.) | 571.6% | 27.7% |
| Beta vs S&P 500 | -2.21 | 1.09 |
| Max drawdown (3Y) | -97.8% | -33.0% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | BTCT | XBI |
|---|---|---|
| 2022 | -97.6% | -25.9% |
| 2023 | +33.9% | +7.6% |
| 2024 | -0.8% | +1.0% |
| 2025 | -72.8% | +35.9% |
| 2026 | +61.5% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTCT and XBI good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between BTCT and XBI?
As of 2026-08-27, the correlation of weekly returns between BTCT and XBI is -0.21 over 3 years, 0.19 over 1 year and -0.11 over 5 years.
Is XBI a good diversifier for BTCT?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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/btct-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/btct-vs-xbi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BTCT correlations · XBI correlations
