IBB vs NUVB: Correlation
Measured on weekly returns over the past three years, iShares Biotechnology ETF (IBB) and Nuvation Bio Inc. (NUVB) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBB and NUVB?
Over the past 3 years, IBB and NUVB moved with a correlation of 0.48, which is moderate. Recent behaviour matches the longer record: 0.42 over 1 year against 0.48 over 3. Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 865.7 %².
Within IBB's tracked universe of 168 assets, NUVB comes in at #109 by 3-year correlation. The last year tells two different stories: NUVB led by 81.5 percentage points, +55.4% for IBB against +136.9% for NUVB. One caveat on sizing: NUVB is 4.2 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 NUVB: side by side
| IBB (iShares Biotechnology ETF) | NUVB (Nuvation Bio Inc.) | |
|---|---|---|
| 1-year return | +55.4% | +136.9% |
| 5-year return | +26.6% | -25.8% |
| Volatility (ann.) | 20.7% | 87.3% |
| Beta vs S&P 500 | 0.81 | 1.90 |
| Max drawdown (3Y) | -24.9% | -58.2% |
| Market cap | – | $2.5B |
| 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 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 | NUVB |
|---|---|---|
| 2022 | -13.7% | -77.4% |
| 2023 | +3.8% | -21.4% |
| 2024 | -2.4% | +76.2% |
| 2025 | +28.0% | +236.8% |
| 2026 | +27.4% | -22.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.12% of IBB is NUVB itself, so the fund partly moves with the stock by construction.
Are IBB and NUVB good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between IBB and NUVB?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.42 over the last year and 0.45 over 5 years.
Is NUVB a good diversifier for IBB?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 mean?
A reading of 0.48 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-nuvb.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ibb-vs-nuvb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IBB correlations · NUVB correlations
