IBB vs OABI: Correlation
Measured on weekly returns over the past three years, iShares Biotechnology ETF (IBB) and OmniAb, Inc. (OABI) carry a correlation of 0.54, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBB and OABI?
Over the past 3 years, IBB and OABI moved with a correlation of 0.54, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.42 versus 0.54 over 3 years. Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 757.4 %².
By 3-year correlation, OABI places #71 of the 168 assets tracked against IBB. Their recent paths diverged sharply: over the last 12 months OABI outperformed by 130.9 percentage points (+55.4% for IBB against +186.3% for OABI). One caveat on sizing: OABI is 3.3 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 OABI: side by side
| IBB (iShares Biotechnology ETF) | OABI (OmniAb, Inc.) | |
|---|---|---|
| 1-year return | +55.4% | +186.3% |
| 5-year return | +26.6% | -52.8% |
| Volatility (ann.) | 20.7% | 67.6% |
| Beta vs S&P 500 | 0.81 | 1.30 |
| Max drawdown (3Y) | -24.9% | -81.3% |
| Market cap | – | $0.7B |
| 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 | OABI |
|---|---|---|
| 2022 | -13.7% | -64.0% |
| 2023 | +3.8% | +71.4% |
| 2024 | -2.4% | -42.6% |
| 2025 | +28.0% | -47.7% |
| 2026 | +27.4% | +149.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IBB and OABI good diversifiers for each other?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IBB and OABI?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.42 over the last year and 0.37 over 5 years.
Is OABI a good diversifier for IBB?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.54 mean?
A reading of 0.54 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-oabi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ibb-vs-oabi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IBB correlations · OABI correlations
