HQL vs IBB: Correlation
Measured on weekly returns over the past three years, abrdn Life Sciences Investors Shares of Beneficial Interest (HQL) and iShares Biotechnology ETF (IBB) carry a correlation of 0.84, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HQL and IBB?
On 3 years of weekly data the HQL/IBB correlation comes out at 0.84, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.77) sits close to the 3-year figure. The 5-year figure is 0.86, and annualized covariance runs at 409.8 %².
IBB is one of the assets that tracks HQL most closely: it ranks #2 out of the 72 assets we track against HQL. Their recent paths diverged sharply: over the last 12 months HQL outperformed by 20.5 percentage points (+75.9% for HQL against +55.4% for IBB).
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.
HQL vs IBB: side by side
| HQL (abrdn Life Sciences Investors Shares of Beneficial Interest) | IBB (iShares Biotechnology ETF) | |
|---|---|---|
| 1-year return | +75.9% | +55.4% |
| 5-year return | +74.1% | +26.6% |
| Volatility (ann.) | 23.5% | 20.7% |
| Beta vs S&P 500 | 0.88 | 0.81 |
| Max drawdown (3Y) | -25.1% | -24.9% |
| Market cap | – | – |
| P/E (trailing) | 3.2 | – |
| Dividend yield | 8.87% | 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 | HQL | IBB |
|---|---|---|
| 2022 | -19.2% | -13.7% |
| 2023 | +4.2% | +3.8% |
| 2024 | +11.0% | -2.4% |
| 2025 | +45.5% | +28.0% |
| 2026 | +40.9% | +27.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HQL and IBB good diversifiers for each other?
No. With a correlation of 0.84, HQL and IBB move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between HQL and IBB?
Using weekly returns as of 2026-08-27: 0.84 over 3 years, with 0.77 over the last year and 0.86 over 5 years.
Is IBB a good diversifier for HQL?
No. With a correlation of 0.84, HQL and IBB move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.84 mean?
On the −1 to +1 scale, 0.84 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/hql-vs-ibb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hql-vs-ibb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HQL correlations · IBB correlations
