FBIO vs XBI: Correlation
Fortress Biotech, Inc. (FBIO) and SPDR S&P Biotech ETF (XBI) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FBIO and XBI?
Over the past 3 years, FBIO and XBI moved with a correlation of 0.41, which is moderate. The past 12 months show a weaker link (0.01) than the 3-year average (0.41). Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 1068.9 %².
Few assets follow FBIO as closely as XBI, which ranks #3 of 12 tracked partners. Their recent paths diverged sharply: over the last 12 months XBI outperformed by 67.5 percentage points (+19.7% for FBIO against +87.2% for XBI). One caveat on sizing: FBIO is 3.4 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.
FBIO vs XBI: side by side
| FBIO (Fortress Biotech, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +19.7% | +87.2% |
| 5-year return | -94.3% | +28.6% |
| Volatility (ann.) | 94.3% | 27.7% |
| Beta vs S&P 500 | 1.35 | 1.09 |
| Max drawdown (3Y) | -78.2% | -33.0% |
| Market cap | $0.1B | – |
| P/E (trailing) | 1.0 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | FBIO | XBI |
|---|---|---|
| 2022 | -73.6% | -25.9% |
| 2023 | -69.6% | +7.6% |
| 2024 | -32.6% | +1.0% |
| 2025 | +80.3% | +35.9% |
| 2026 | -23.5% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FBIO and XBI good diversifiers for each other?
Reasonably. At 0.41, FBIO and XBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FBIO and XBI?
As of 2026-08-27, the correlation of weekly returns between FBIO and XBI is 0.41 over 3 years, 0.01 over 1 year and 0.43 over 5 years.
Is XBI a good diversifier for FBIO?
Reasonably. At 0.41, FBIO and XBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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/fbio-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fbio-vs-xbi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FBIO correlations · XBI correlations
