DMAC vs XBI: Correlation
DiaMedica Therapeutics Inc. (DMAC) and SPDR S&P Biotech ETF (XBI) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DMAC and XBI?
Across a 3-year window, the weekly returns of DMAC and XBI correlate at 0.45, moderate. The relationship has been stable: the 1-year correlation (0.50) sits close to the 3-year figure. Stretching to 5 years gives 0.29, with an annualized covariance of 851.0 %².
XBI is one of the assets that tracks DMAC most closely: it ranks #2 out of the 10 assets we track against DMAC. The last year tells two different stories: XBI led by 74.3 percentage points, +12.9% for DMAC against +87.2% for XBI. Risk is not evenly split, since DMAC carries 2.5 times the volatility of the other side.
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.
DMAC vs XBI: side by side
| DMAC (DiaMedica Therapeutics Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +12.9% | +87.2% |
| 5-year return | +67.5% | +28.6% |
| Volatility (ann.) | 68.6% | 27.7% |
| Beta vs S&P 500 | 1.46 | 1.09 |
| Max drawdown (3Y) | -49.2% | -33.0% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | DMAC | XBI |
|---|---|---|
| 2022 | -57.6% | -25.9% |
| 2023 | +79.7% | +7.6% |
| 2024 | +91.2% | +1.0% |
| 2025 | +46.6% | +35.9% |
| 2026 | -15.2% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DMAC and XBI good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DMAC and XBI?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.50 over the last year and 0.29 over 5 years.
Is XBI a good diversifier for DMAC?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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/dmac-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dmac-vs-xbi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DMAC correlations · XBI correlations
