CGON vs XBI: Correlation
How closely do CG Oncology, Inc. (CGON) and SPDR S&P Biotech ETF (XBI) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGON and XBI?
On 3 years of weekly data the CGON/XBI correlation comes out at 0.57, moderate. The relationship has been stable: the 1-year correlation (0.55) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 932.8 %².
XBI is one of the assets that tracks CGON most closely: it ranks #1 out of the 17 assets we track against CGON. Correlation aside, the last 12 months split them widely, with CGON ahead by 111.2 points (+198.4% versus +87.2%). Note the risk asymmetry: CGON runs 2.2 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.
CGON vs XBI: side by side
| CGON (CG Oncology, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +198.4% | +87.2% |
| 5-year return | n/a | +28.6% |
| Volatility (ann.) | 61.8% | 27.7% |
| Beta vs S&P 500 | 1.57 | 1.09 |
| Max drawdown (3Y) | -67.5% | -33.0% |
| Market cap | $7.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | CGON | XBI |
|---|---|---|
| 2022 | – | -25.9% |
| 2023 | – | +7.6% |
| 2024 | – | +1.0% |
| 2025 | +44.8% | +35.9% |
| 2026 | +90.3% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGON and XBI good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CGON and XBI?
The CGON/XBI correlation stands at 0.57 on a 3-year window (1 year: 0.55, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is XBI a good diversifier for CGON?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: CGON correlations · XBI correlations
