EWTX vs XBI: Correlation
Edgewise Therapeutics, Inc. (EWTX) and SPDR S&P Biotech ETF (XBI) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EWTX and XBI?
On 3 years of weekly data the EWTX/XBI correlation comes out at 0.51, moderate. The relationship has been stable: the 1-year correlation (0.52) sits close to the 3-year figure. The 5-year figure is 0.50, and annualized covariance runs at 1091.4 %².
In EWTX's tracked universe of 10 assets, XBI sits right near the top at #2. The last year tells two different stories: EWTX led by 118.6 percentage points, +205.8% for EWTX against +87.2% for XBI. One caveat on sizing: EWTX is 2.8 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.
EWTX vs XBI: side by side
| EWTX (Edgewise Therapeutics, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +205.8% | +87.2% |
| 5-year return | +194.6% | +28.6% |
| Volatility (ann.) | 77.7% | 27.7% |
| Beta vs S&P 500 | 2.04 | 1.09 |
| Max drawdown (3Y) | -68.8% | -33.0% |
| Market cap | $4.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | EWTX | XBI |
|---|---|---|
| 2022 | -41.5% | -25.9% |
| 2023 | +22.4% | +7.6% |
| 2024 | +144.1% | +1.0% |
| 2025 | -7.1% | +35.9% |
| 2026 | +78.1% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EWTX and XBI good diversifiers for each other?
Only partially. A correlation of 0.51 means EWTX and XBI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between EWTX and XBI?
The EWTX/XBI correlation stands at 0.51 on a 3-year window (1 year: 0.52, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is XBI a good diversifier for EWTX?
Only partially. A correlation of 0.51 means EWTX and XBI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.51 mean?
A reading of 0.51 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Related comparisons
Hubs: EWTX correlations · XBI correlations
