IBB vs LLY: Correlation
Measured on weekly returns over the past three years, iShares Biotechnology ETF (IBB) and Lilly (Eli) (LLY) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBB and LLY?
On 3 years of weekly data the IBB/LLY correlation comes out at 0.46, moderate. Little has changed lately, as the 1-year reading of 0.54 lands near the 3-year figure. The 5-year figure is 0.43, and annualized covariance runs at 349.1 %².
Within IBB's tracked universe of 168 assets, LLY comes in at #119 by 3-year correlation. Over the last 12 months LLY came out ahead by 5.8 percentage points (+55.4% against +61.2%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.02 to 0.64. Risk is not evenly split, since LLY carries 1.8 times the volatility of the other side.
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 LLY: side by side
| IBB (iShares Biotechnology ETF) | LLY (Lilly (Eli)) | |
|---|---|---|
| 1-year return | +55.4% | +61.2% |
| 5-year return | +26.6% | +369.2% |
| Volatility (ann.) | 20.7% | 36.6% |
| Beta vs S&P 500 | 0.81 | 0.57 |
| Max drawdown (3Y) | -24.9% | -34.5% |
| Market cap | – | $1,048.8B |
| P/E (trailing) | – | 40.0 |
| Dividend yield | 0.22% | 0.54% |
| Expense ratio | 0.44% | – |
| Assets under management | $9.2B | – |
| Sector / category | ETF · Thematic | Health Care |
On the fund side, IBB sits in the Health category at iShares, with $9.2B under management, 235 holdings, a 0.44% expense ratio, a 0.22% trailing dividend yield.
Year-by-year returns
| Year | IBB | LLY |
|---|---|---|
| 2022 | -13.7% | +34.3% |
| 2023 | +3.8% | +60.9% |
| 2024 | -2.4% | +33.3% |
| 2025 | +28.0% | +40.2% |
| 2026 | +27.4% | +10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IBB and LLY good diversifiers for each other?
Reasonably. At 0.46, IBB and LLY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between IBB and LLY?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.54 over the last year and 0.43 over 5 years.
Is LLY a good diversifier for IBB?
Reasonably. At 0.46, IBB and LLY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 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-lly.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ibb-vs-lly/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IBB correlations · LLY correlations
