IBB vs LYEL: Correlation
Measured on weekly returns over the past three years, iShares Biotechnology ETF (IBB) and Lyell Immunopharma, Inc. (LYEL) 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 LYEL?
Across a 3-year window, the weekly returns of IBB and LYEL correlate at 0.46, moderate. Recent behaviour matches the longer record: 0.40 over 1 year against 0.46 over 3. Stretching to 5 years gives 0.41, with an annualized covariance of 954.7 %².
By 3-year correlation, LYEL places #120 of the 168 assets tracked against IBB. Their recent paths diverged sharply: over the last 12 months IBB outperformed by 25.9 percentage points (+55.4% for IBB against +29.5% for LYEL). Note the risk asymmetry: LYEL runs 4.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 LYEL: side by side
| IBB (iShares Biotechnology ETF) | LYEL (Lyell Immunopharma, Inc.) | |
|---|---|---|
| 1-year return | +55.4% | +29.5% |
| 5-year return | +26.6% | -95.4% |
| Volatility (ann.) | 20.7% | 99.9% |
| Beta vs S&P 500 | 0.81 | 2.09 |
| Max drawdown (3Y) | -24.9% | -87.3% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.22% | 0.00% |
| Expense ratio | 0.44% | – |
| Assets under management | $9.2B | – |
| Sector / category | ETF · Thematic | US Listed |
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 | LYEL |
|---|---|---|
| 2022 | -13.7% | -55.2% |
| 2023 | +3.8% | -44.1% |
| 2024 | -2.4% | -67.0% |
| 2025 | +28.0% | +140.5% |
| 2026 | +27.4% | -52.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IBB and LYEL good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between IBB and LYEL?
As of 2026-08-27, the correlation of weekly returns between IBB and LYEL is 0.46 over 3 years, 0.40 over 1 year and 0.41 over 5 years.
Is LYEL a good diversifier for IBB?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 mean?
A reading of 0.46 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
$ curl https://www.pairbook.io/api/v1/pairs/ibb-vs-lyel.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ibb-vs-lyel/)
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Related comparisons
Hubs: IBB correlations · LYEL correlations
