IBB vs INCY: Correlation
Measured on weekly returns over the past three years, iShares Biotechnology ETF (IBB) and Incyte (INCY) carry a correlation of 0.56, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBB and INCY?
Over the past 3 years, IBB and INCY moved with a correlation of 0.56, which is moderate. Little has changed lately, as the 1-year reading of 0.47 lands near the 3-year figure. Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 386.8 %².
Among the 168 assets we track against IBB, INCY ranks #55 by 3-year correlation. Twelve-month performance is nearly a tie, at +55.4% for IBB and +50.6% for INCY. Across three years, the rolling one-year figure varied moderately, from 0.38 to 0.79. One caveat on sizing: INCY is 1.6 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.
IBB vs INCY: side by side
| IBB (iShares Biotechnology ETF) | INCY (Incyte) | |
|---|---|---|
| 1-year return | +55.4% | +50.6% |
| 5-year return | +26.6% | +68.0% |
| Volatility (ann.) | 20.7% | 33.1% |
| Beta vs S&P 500 | 0.81 | 0.45 |
| Max drawdown (3Y) | -24.9% | -33.8% |
| Market cap | – | $25.9B |
| P/E (trailing) | – | 16.3 |
| Dividend yield | 0.22% | 0.00% |
| Expense ratio | 0.44% | – |
| Assets under management | $9.2B | – |
| Sector / category | ETF · Thematic | Health Care |
IBB is a Health fund from iShares: $9.2B under management, 235 holdings, a 0.44% expense ratio, a 0.22% trailing dividend yield.
Year-by-year returns
| Year | IBB | INCY |
|---|---|---|
| 2022 | -13.7% | +9.4% |
| 2023 | +3.8% | -21.8% |
| 2024 | -2.4% | +10.0% |
| 2025 | +28.0% | +43.0% |
| 2026 | +27.4% | +29.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that IBB holds INCY at a 1.75% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are IBB and INCY good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IBB and INCY?
As of 2026-08-27, the correlation of weekly returns between IBB and INCY is 0.56 over 3 years, 0.47 over 1 year and 0.52 over 5 years.
Is INCY a good diversifier for IBB?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 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/ibb-vs-incy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ibb-vs-incy/)
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Related comparisons
Hubs: IBB correlations · INCY correlations
