IBB vs ROIV: Correlation
How closely do iShares Biotechnology ETF (IBB) and Roivant Sciences Ltd. (ROIV) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBB and ROIV?
Over the past 3 years, IBB and ROIV moved with a correlation of 0.51, which is moderate. Recent behaviour matches the longer record: 0.44 over 1 year against 0.51 over 3. Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 382.8 %².
By 3-year correlation, ROIV places #89 of the 168 assets tracked against IBB. The last year tells two different stories: ROIV led by 158.0 percentage points, +55.4% for IBB against +213.4% for ROIV. Risk is not evenly split, since ROIV carries 1.7 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 ROIV: side by side
| IBB (iShares Biotechnology ETF) | ROIV (Roivant Sciences Ltd.) | |
|---|---|---|
| 1-year return | +55.4% | +213.4% |
| 5-year return | +26.6% | +278.1% |
| Volatility (ann.) | 20.7% | 36.0% |
| Beta vs S&P 500 | 0.81 | 0.91 |
| Max drawdown (3Y) | -24.9% | -36.5% |
| Market cap | – | $27.1B |
| 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 | ROIV |
|---|---|---|
| 2022 | -13.7% | -20.7% |
| 2023 | +3.8% | +40.6% |
| 2024 | -2.4% | +5.3% |
| 2025 | +28.0% | +83.4% |
| 2026 | +27.4% | +73.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
ROIV represents 1.31% of IBB's portfolio, so part of any move in IBB is ROIV itself, and the correlation between them is partly mechanical.
Are IBB and ROIV good diversifiers for each other?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between IBB and ROIV?
The IBB/ROIV correlation stands at 0.51 on a 3-year window (1 year: 0.44, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is ROIV a good diversifier for IBB?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.51 mean?
On the −1 to +1 scale, 0.51 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ibb-vs-roiv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ibb-vs-roiv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IBB correlations · ROIV correlations
