HBIO vs IBB: Correlation
Measured on weekly returns over the past three years, Harvard Bioscience, Inc. (HBIO) and iShares Biotechnology ETF (IBB) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBIO and IBB?
Across a 3-year window, the weekly returns of HBIO and IBB correlate at 0.41, moderate. Little has changed lately, as the 1-year reading of 0.40 lands near the 3-year figure. Stretching to 5 years gives 0.35, with an annualized covariance of 633.5 %².
Within HBIO's tracked universe of 10 assets, IBB comes in at #5 by 3-year correlation. Over the last 12 months IBB came out ahead by 6.3 percentage points (+49.1% against +55.4%). One caveat on sizing: HBIO is 3.6 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.
HBIO vs IBB: side by side
| HBIO (Harvard Bioscience, Inc.) | IBB (iShares Biotechnology ETF) | |
|---|---|---|
| 1-year return | +49.1% | +55.4% |
| 5-year return | -90.4% | +26.6% |
| Volatility (ann.) | 75.4% | 20.7% |
| Beta vs S&P 500 | 1.79 | 0.81 |
| Max drawdown (3Y) | -94.9% | -24.9% |
| Market cap | – | – |
| 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 | HBIO | IBB |
|---|---|---|
| 2022 | -60.7% | -13.7% |
| 2023 | +93.1% | +3.8% |
| 2024 | -60.6% | -2.4% |
| 2025 | -68.2% | +28.0% |
| 2026 | +17.9% | +27.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HBIO and IBB good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HBIO and IBB?
The HBIO/IBB correlation stands at 0.41 on a 3-year window (1 year: 0.40, 5 years: 0.35), computed from weekly returns as of 2026-08-27.
Is IBB a good diversifier for HBIO?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
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/hbio-vs-ibb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hbio-vs-ibb/)
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Related comparisons
Hubs: HBIO correlations · IBB correlations
