DARE vs XBI: Correlation
Measured on weekly returns over the past three years, Dare Bioscience, Inc. (DARE) and SPDR S&P Biotech ETF (XBI) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DARE and XBI?
On 3 years of weekly data the DARE/XBI correlation comes out at 0.41, moderate. The relationship has been stable: the 1-year correlation (0.45) sits close to the 3-year figure. The 5-year figure is 0.40, and annualized covariance runs at 1062.9 %².
Among the 11 assets we track against DARE, XBI ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months XBI outperformed by 150.6 percentage points (-63.4% for DARE against +87.2% for XBI). One caveat on sizing: DARE is 3.4 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.
DARE vs XBI: side by side
| DARE (Dare Bioscience, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | -63.4% | +87.2% |
| 5-year return | -96.5% | +28.6% |
| Volatility (ann.) | 94.9% | 27.7% |
| Beta vs S&P 500 | 1.76 | 1.09 |
| Max drawdown (3Y) | -91.3% | -33.0% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | DARE | XBI |
|---|---|---|
| 2022 | -58.5% | -25.9% |
| 2023 | -62.8% | +7.6% |
| 2024 | -15.9% | +1.0% |
| 2025 | -38.1% | +35.9% |
| 2026 | -61.7% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DARE and XBI good diversifiers for each other?
Reasonably. At 0.41, DARE and XBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DARE and XBI?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.45 over the last year and 0.40 over 5 years.
Is XBI a good diversifier for DARE?
Reasonably. At 0.41, DARE and XBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 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
$ curl https://www.pairbook.io/api/v1/pairs/dare-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dare-vs-xbi/)
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Related comparisons
Hubs: DARE correlations · XBI correlations
