HQL vs XBI: Correlation
How closely do abrdn Life Sciences Investors Shares of Beneficial Interest (HQL) and SPDR S&P Biotech ETF (XBI) trade together? Their weekly returns over three years give a correlation of 0.84, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HQL and XBI?
Over the past 3 years, HQL and XBI moved with a correlation of 0.84, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.83) sits close to the 3-year figure. Over 5 years the correlation is 0.82, and the annualized covariance of weekly returns is 547.6 %².
XBI is one of the assets that tracks HQL most closely: it ranks #3 out of the 72 assets we track against HQL. Over the last 12 months XBI came out ahead by 11.3 percentage points (+75.9% against +87.2%).
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 XBI: side by side
| HQL (abrdn Life Sciences Investors Shares of Beneficial Interest) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +75.9% | +87.2% |
| 5-year return | +74.1% | +28.6% |
| Volatility (ann.) | 23.5% | 27.7% |
| Beta vs S&P 500 | 0.88 | 1.09 |
| Max drawdown (3Y) | -25.1% | -33.0% |
| Market cap | – | – |
| P/E (trailing) | 3.2 | – |
| Dividend yield | 8.87% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | HQL | XBI |
|---|---|---|
| 2022 | -19.2% | -25.9% |
| 2023 | +4.2% | +7.6% |
| 2024 | +11.0% | +1.0% |
| 2025 | +45.5% | +35.9% |
| 2026 | +40.9% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HQL and XBI good diversifiers for each other?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between HQL and XBI?
As of 2026-08-27, the correlation of weekly returns between HQL and XBI is 0.84 over 3 years, 0.83 over 1 year and 0.82 over 5 years.
Is XBI a good diversifier for HQL?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.84 mean?
A reading of 0.84 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Related comparisons
Hubs: HQL correlations · XBI correlations
