GH vs XBI: Correlation
How closely do Guardant Health, Inc. (GH) and SPDR S&P Biotech ETF (XBI) 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 GH and XBI?
On 3 years of weekly data the GH/XBI correlation comes out at 0.49, moderate. The relationship has been stable: the 1-year correlation (0.40) sits close to the 3-year figure. The 5-year figure is 0.54, and annualized covariance runs at 876.3 %².
In GH's tracked universe of 12 assets, XBI sits right near the top at #3. The last year tells two different stories: GH led by 78.2 percentage points, +165.4% for GH against +87.2% for XBI. Note the risk asymmetry: GH runs 2.3 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.
GH vs XBI: side by side
| GH (Guardant Health, Inc.) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +165.4% | +87.2% |
| 5-year return | +33.5% | +28.6% |
| Volatility (ann.) | 64.9% | 27.7% |
| Beta vs S&P 500 | 1.44 | 1.09 |
| Max drawdown (3Y) | -59.8% | -33.0% |
| Market cap | $22.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | GH | XBI |
|---|---|---|
| 2022 | -72.8% | -25.9% |
| 2023 | -0.6% | +7.6% |
| 2024 | +12.9% | +1.0% |
| 2025 | +234.3% | +35.9% |
| 2026 | +65.0% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GH and XBI 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 GH and XBI?
As of 2026-08-27, the correlation of weekly returns between GH and XBI is 0.49 over 3 years, 0.40 over 1 year and 0.54 over 5 years.
Is XBI a good diversifier for GH?
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?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gh-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gh-vs-xbi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GH correlations · XBI correlations
