IBB vs MRNA: Correlation
iShares Biotechnology ETF (IBB) and Moderna (MRNA) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBB and MRNA?
On 3 years of weekly data the IBB/MRNA correlation comes out at 0.51, moderate. Recent behaviour matches the longer record: 0.49 over 1 year against 0.51 over 3. The 5-year figure is 0.55, and annualized covariance runs at 1053.8 %².
Within IBB's tracked universe of 168 assets, MRNA comes in at #88 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MRNA ahead by 413.4 points (+55.4% versus +468.8%). Across three years, the rolling one-year figure varied moderately, from 0.42 to 0.71. One caveat on sizing: MRNA is 4.9 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 MRNA: side by side
| IBB (iShares Biotechnology ETF) | MRNA (Moderna) | |
|---|---|---|
| 1-year return | +55.4% | +468.8% |
| 5-year return | +26.6% | -61.5% |
| Volatility (ann.) | 20.7% | 100.7% |
| Beta vs S&P 500 | 0.81 | 0.98 |
| Max drawdown (3Y) | -24.9% | -86.6% |
| Market cap | – | $57.0B |
| P/E (trailing) | – | – |
| Dividend yield | 0.22% | 0.00% |
| 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 | MRNA |
|---|---|---|
| 2022 | -13.7% | -29.3% |
| 2023 | +3.8% | -44.6% |
| 2024 | -2.4% | -58.2% |
| 2025 | +28.0% | -29.1% |
| 2026 | +27.4% | +384.1% |
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 MRNA at a 3.76% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are IBB and MRNA good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IBB and MRNA?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.49 over the last year and 0.55 over 5 years.
Is MRNA a good diversifier for IBB?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 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-mrna.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ibb-vs-mrna/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IBB correlations · MRNA correlations
