CDXS vs XBI: Correlation
Codexis, Inc. (CDXS) and SPDR S&P Biotech ETF (XBI) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDXS and XBI?
Over the past 3 years, CDXS and XBI moved with a correlation of 0.50, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.27 versus 0.50 over 3 years. Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 1230.4 %².
Within CDXS's tracked universe of 12 assets, XBI comes in at #5 by 3-year correlation. The last year tells two different stories: XBI led by 125.0 percentage points, -37.8% for CDXS against +87.2% for XBI. Note the risk asymmetry: CDXS runs 3.2 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.
CDXS vs XBI: side by side
| CDXS (Codexis, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | -37.8% | +87.2% |
| 5-year return | -93.7% | +28.6% |
| Volatility (ann.) | 88.6% | 27.7% |
| Beta vs S&P 500 | 2.44 | 1.09 |
| Max drawdown (3Y) | -83.1% | -33.0% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | CDXS | XBI |
|---|---|---|
| 2022 | -85.1% | -25.9% |
| 2023 | -34.5% | +7.6% |
| 2024 | +56.4% | +1.0% |
| 2025 | -65.8% | +35.9% |
| 2026 | +1.8% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDXS and XBI good diversifiers for each other?
To a limited degree. At 0.50 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 CDXS and XBI?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.27 over the last year and 0.55 over 5 years.
Is XBI a good diversifier for CDXS?
To a limited degree. At 0.50 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 0.50 mean?
A reading of 0.50 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/cdxs-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cdxs-vs-xbi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CDXS correlations · XBI correlations
