CGEM vs XBI: Correlation
Cullinan Therapeutics, Inc. (CGEM) and SPDR S&P Biotech ETF (XBI) show a moderate relationship: their 3-year correlation of weekly returns is 0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGEM and XBI?
Over the past 3 years, CGEM and XBI moved with a correlation of 0.43, which is moderate. The link has tightened recently: the 1-year correlation (0.56) runs above the 3-year figure (0.43). Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 871.0 %².
Few assets follow CGEM as closely as XBI, which ranks #3 of 13 tracked partners. Their recent paths diverged sharply: over the last 12 months CGEM outperformed by 97.8 percentage points (+185.0% for CGEM against +87.2% for XBI). Note the risk asymmetry: CGEM runs 2.6 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.
CGEM vs XBI: side by side
| CGEM (Cullinan Therapeutics, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +185.0% | +87.2% |
| 5-year return | -23.5% | +28.6% |
| Volatility (ann.) | 72.4% | 27.7% |
| Beta vs S&P 500 | 1.20 | 1.09 |
| Max drawdown (3Y) | -80.4% | -33.0% |
| Market cap | $1.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | CGEM | XBI |
|---|---|---|
| 2022 | -31.6% | -25.9% |
| 2023 | -3.4% | +7.6% |
| 2024 | +19.5% | +1.0% |
| 2025 | -15.0% | +35.9% |
| 2026 | +118.4% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGEM and XBI good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CGEM and XBI?
The CGEM/XBI correlation stands at 0.43 on a 3-year window (1 year: 0.56, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is XBI a good diversifier for CGEM?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 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/cgem-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cgem-vs-xbi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CGEM correlations · XBI correlations
