EOLS vs XBI: Correlation
Measured on weekly returns over the past three years, Evolus, Inc. (EOLS) and SPDR S&P Biotech ETF (XBI) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EOLS and XBI?
Over the past 3 years, EOLS and XBI moved with a correlation of 0.42, which is moderate. The past 12 months show a weaker link (0.24) than the 3-year average (0.42). Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 730.3 %².
Within EOLS's tracked universe of 10 assets, XBI comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XBI ahead by 70.0 points (+17.2% versus +87.2%). One caveat on sizing: EOLS is 2.3 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.
EOLS vs XBI: side by side
| EOLS (Evolus, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +17.2% | +87.2% |
| 5-year return | -16.1% | +28.6% |
| Volatility (ann.) | 63.5% | 27.7% |
| Beta vs S&P 500 | 1.06 | 1.09 |
| Max drawdown (3Y) | -77.5% | -33.0% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | EOLS | XBI |
|---|---|---|
| 2022 | +15.4% | -25.9% |
| 2023 | +40.2% | +7.6% |
| 2024 | +4.8% | +1.0% |
| 2025 | -39.8% | +35.9% |
| 2026 | +33.5% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EOLS and XBI good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between EOLS and XBI?
The EOLS/XBI correlation stands at 0.42 on a 3-year window (1 year: 0.24, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is XBI a good diversifier for EOLS?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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/eols-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eols-vs-xbi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EOLS correlations · XBI correlations
