ERAS vs XBI: Correlation
Erasca, Inc. (ERAS) and SPDR S&P Biotech ETF (XBI) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ERAS and XBI?
Over the past 3 years, ERAS and XBI moved with a correlation of 0.46, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.27 versus 0.46 over 3 years. Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 1273.5 %².
Within ERAS's tracked universe of 14 assets, XBI comes in at #6 by 3-year correlation. The last year tells two different stories: ERAS led by 1046.3 percentage points, +1133.5% for ERAS against +87.2% for XBI. Note the risk asymmetry: ERAS runs 3.6 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.
ERAS vs XBI: side by side
| ERAS (Erasca, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +1133.5% | +87.2% |
| 5-year return | -17.1% | +28.6% |
| Volatility (ann.) | 99.2% | 27.7% |
| Beta vs S&P 500 | 1.88 | 1.09 |
| Max drawdown (3Y) | -67.7% | -33.0% |
| Market cap | $6.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | ERAS | XBI |
|---|---|---|
| 2022 | -72.3% | -25.9% |
| 2023 | -50.6% | +7.6% |
| 2024 | +17.8% | +1.0% |
| 2025 | +48.2% | +35.9% |
| 2026 | +423.9% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ERAS and XBI good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ERAS and XBI?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.27 over the last year and 0.49 over 5 years.
Is XBI a good diversifier for ERAS?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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/eras-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eras-vs-xbi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ERAS correlations · XBI correlations
