IBB vs IOVA: Correlation
How closely do iShares Biotechnology ETF (IBB) and Iovance Biotherapeutics, Inc. (IOVA) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBB and IOVA?
Over the past 3 years, IBB and IOVA moved with a correlation of 0.50, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.32 versus 0.50 over 3 years. Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 1078.6 %².
By 3-year correlation, IOVA places #94 of the 168 assets tracked against IBB. Their recent paths diverged sharply: over the last 12 months IOVA outperformed by 185.9 percentage points (+55.4% for IBB against +241.3% for IOVA). One caveat on sizing: IOVA is 5.0 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 IOVA: side by side
| IBB (iShares Biotechnology ETF) | IOVA (Iovance Biotherapeutics, Inc.) | |
|---|---|---|
| 1-year return | +55.4% | +241.3% |
| 5-year return | +26.6% | -64.9% |
| Volatility (ann.) | 20.7% | 103.2% |
| Beta vs S&P 500 | 0.81 | 1.90 |
| Max drawdown (3Y) | -24.9% | -90.5% |
| Market cap | – | $3.7B |
| P/E (trailing) | – | – |
| Dividend yield | 0.22% | 0.00% |
| Expense ratio | 0.44% | – |
| Assets under management | $9.2B | – |
| Sector / category | ETF · Thematic | US Listed |
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 | IBB | IOVA |
|---|---|---|
| 2022 | -13.7% | -66.5% |
| 2023 | +3.8% | +27.2% |
| 2024 | -2.4% | -9.0% |
| 2025 | +28.0% | -63.1% |
| 2026 | +27.4% | +202.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
IOVA represents 0.22% of IBB's portfolio, so part of any move in IBB is IOVA itself, and the correlation between them is partly mechanical.
Are IBB and IOVA good diversifiers for each other?
Only partially. A correlation of 0.50 means IBB and IOVA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between IBB and IOVA?
As of 2026-08-27, the correlation of weekly returns between IBB and IOVA is 0.50 over 3 years, 0.32 over 1 year and 0.45 over 5 years.
Is IOVA a good diversifier for IBB?
Only partially. A correlation of 0.50 means IBB and IOVA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 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/ibb-vs-iova.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ibb-vs-iova/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IBB correlations · IOVA correlations
