FDMT vs XBI: Correlation
4D Molecular Therapeutics, Inc. (FDMT) and SPDR S&P Biotech ETF (XBI) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FDMT and XBI?
Over the past 3 years, FDMT and XBI moved with a correlation of 0.50, which is moderate. Recent behaviour matches the longer record: 0.59 over 1 year against 0.50 over 3. Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 1242.3 %².
Few assets follow FDMT as closely as XBI, which ranks #1 of 15 tracked partners. Their recent paths diverged sharply: over the last 12 months FDMT outperformed by 43.6 percentage points (+130.8% for FDMT against +87.2% for XBI). Note the risk asymmetry: FDMT runs 3.2 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.
FDMT vs XBI: side by side
| FDMT (4D Molecular Therapeutics, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +130.8% | +87.2% |
| 5-year return | -50.9% | +28.6% |
| Volatility (ann.) | 89.9% | 27.7% |
| Beta vs S&P 500 | 1.09 | 1.09 |
| Max drawdown (3Y) | -93.0% | -33.0% |
| Market cap | $0.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | FDMT | XBI |
|---|---|---|
| 2022 | +1.2% | -25.9% |
| 2023 | -8.8% | +7.6% |
| 2024 | -72.5% | +1.0% |
| 2025 | +34.6% | +35.9% |
| 2026 | +98.8% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FDMT and XBI good diversifiers for each other?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between FDMT and XBI?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.59 over the last year and 0.45 over 5 years.
Is XBI a good diversifier for FDMT?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 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/fdmt-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fdmt-vs-xbi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FDMT correlations · XBI correlations
