CHRS vs XBI: Correlation
How closely do Coherus Oncology, Inc. (CHRS) and SPDR S&P Biotech ETF (XBI) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHRS and XBI?
On 3 years of weekly data the CHRS/XBI correlation comes out at 0.47, moderate. Recent behaviour matches the longer record: 0.39 over 1 year against 0.47 over 3. The 5-year figure is 0.49, and annualized covariance runs at 1320.8 %².
In CHRS's tracked universe of 13 assets, XBI sits right near the top at #1. Correlation aside, the last 12 months split them widely, with XBI ahead by 59.1 points (+28.1% versus +87.2%). One caveat on sizing: CHRS is 3.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CHRS vs XBI: side by side
| CHRS (Coherus Oncology, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +28.1% | +87.2% |
| 5-year return | -90.8% | +28.6% |
| Volatility (ann.) | 102.6% | 27.7% |
| Beta vs S&P 500 | 1.59 | 1.09 |
| Max drawdown (3Y) | -87.7% | -33.0% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | CHRS | XBI |
|---|---|---|
| 2022 | -50.4% | -25.9% |
| 2023 | -58.0% | +7.6% |
| 2024 | -58.6% | +1.0% |
| 2025 | +2.9% | +35.9% |
| 2026 | +2.8% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHRS and XBI good diversifiers for each other?
Reasonably. At 0.47, CHRS and XBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CHRS and XBI?
As of 2026-08-27, the correlation of weekly returns between CHRS and XBI is 0.47 over 3 years, 0.39 over 1 year and 0.49 over 5 years.
Is XBI a good diversifier for CHRS?
Reasonably. At 0.47, CHRS and XBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 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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Related comparisons
Hubs: CHRS correlations · XBI correlations
