EWTX vs IBB: Correlation
How closely do Edgewise Therapeutics, Inc. (EWTX) and iShares Biotechnology ETF (IBB) trade together? Their weekly returns over three years give a correlation of 0.49, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EWTX and IBB?
Over the past 3 years, EWTX and IBB moved with a correlation of 0.49, which is moderate. The relationship has been stable: the 1-year correlation (0.43) sits close to the 3-year figure. Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 785.0 %².
IBB is one of the assets that tracks EWTX most closely: it ranks #3 out of the 10 assets we track against EWTX. The last year tells two different stories: EWTX led by 150.4 percentage points, +205.8% for EWTX against +55.4% for IBB. Risk is not evenly split, since EWTX carries 3.8 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.
EWTX vs IBB: side by side
| EWTX (Edgewise Therapeutics, Inc.) | IBB (iShares Biotechnology ETF) | |
|---|---|---|
| 1-year return | +205.8% | +55.4% |
| 5-year return | +194.6% | +26.6% |
| Volatility (ann.) | 77.7% | 20.7% |
| Beta vs S&P 500 | 2.04 | 0.81 |
| Max drawdown (3Y) | -68.8% | -24.9% |
| Market cap | $4.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.22% |
| Expense ratio | – | 0.44% |
| Assets under management | – | $9.2B |
| Sector / category | US Listed | ETF · Thematic |
IBB, iShares's Health fund, carries $9.2B under management, 235 holdings, a 0.44% expense ratio, a 0.22% trailing dividend yield.
Year-by-year returns
| Year | EWTX | IBB |
|---|---|---|
| 2022 | -41.5% | -13.7% |
| 2023 | +22.4% | +3.8% |
| 2024 | +144.1% | -2.4% |
| 2025 | -7.1% | +28.0% |
| 2026 | +78.1% | +27.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that IBB holds EWTX at a 0.24% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are EWTX and IBB good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EWTX and IBB?
The EWTX/IBB correlation stands at 0.49 on a 3-year window (1 year: 0.43, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is IBB a good diversifier for EWTX?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 mean?
On the −1 to +1 scale, 0.49 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/ewtx-vs-ibb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ewtx-vs-ibb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EWTX correlations · IBB correlations
